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The popular messaging app Telegram has been thrust into the spotlight following the arrest of its CEO, Pavel Durov, on August 24. As the details surrounding his arrest continue to unfold, a recent report has shed light on Telegram’s financial dealings, revealing that the company held a substantial $400 million in digital assets at the close of 2023.
This information, part of Telegram’s 2023 financial statement, offers a glimpse into the app’s intricate relationship with the cryptocurrency world.
Loss Amid Massive Growth
Telegram, which had around four million premium users at the end of last year, has seen its subscriber base grow to over five million in 2024. However, despite this growth, the company posted an operating loss of $108 million in 2023, with revenue figures reaching $342.5 million.
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Interestingly, nearly 40% of this revenue was tied to activities related to digital assets, categorized as “integrated wallet” services and the “sale of collectibles.” These digital assets played a crucial role in the company’s financial ecosystem, demonstrating Telegram’s deep entrenchment in the crypto space.
Telegram’s Crypto Holdings
The “integrated wallet” mentioned in the report refers to a software program that allows Telegram users to store, send, receive, and trade various crypto assets. This feature has likely contributed significantly to the company’s digital asset holdings.
Additionally, Telegram’s venture into the “sale of collectibles,” which includes digital items such as usernames and virtual phone numbers, also forms a vital part of its revenue stream. The platform facilitates these transactions between users, earning fees for providing this service, further solidifying its role in the digital economy.
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Durov’s Arrest
On August 24, Durov was detained upon landing at Le Bourget airport near Paris, facing serious charges including terrorism, trafficking, and money laundering.
The arrest has already impacted the broader Telegram ecosystem, with Toncoin (TON), a cryptocurrency linked to the platform, experiencing a significant price drop. Trading at around $5.30, TON has declined over 21% in the past week, reflecting the market’s reaction to the unfolding drama.
