The cryptocurrency market experienced a significant shake-up as news of Telegram founder Pavel Durov’s arrest in France broke. Toncoin (TON) and Notcoin (NOT), two tokens closely associated with Telegram, saw dramatic declines, plummeting over 20% in the wake of the announcement.
Durov, the mastermind behind the popular messaging app Telegram, was detained in France due to his refusal to cooperate with French authorities, who claim he is complicit in drug trafficking and other serious crimes.
The arrest of Durov sent shockwaves through the cryptocurrency community. Investors, concerned about the potential legal implications for Telegram and its associated projects, rushed to sell their TON and NOT holdings, driving down the prices of both tokens.
While the exact details of the arrest and the charges against Durov remain unclear, the incident has underscored the regulatory challenges faced by cryptocurrency projects and the potential consequences of legal disputes involving prominent figures in the industry.
The decline in TON and NOT prices reflects the broader market sentiment, which has been volatile in recent months. The cryptocurrency market has seen a mix of gains and losses, with factors such as macroeconomic conditions, regulatory developments, and technological advancements influencing price movements.
As the situation surrounding Durov’s arrest unfolds, it remains to be seen what the long-term implications will be for TON, NOT, and the broader cryptocurrency market. Investors are closely monitoring the developments and assessing the potential impact on the future of these projects.
The TON project, which aimed to launch a decentralized blockchain platform, had been embroiled in legal battles with the U.S. Securities and Exchange Commission (SEC).
