- Telegram’s legal issues in South Korea could pressure Toncoin’s price below $5.
- South Korean authorities are investigating Telegram for distributing illicit content.
- Toncoin whales are buying, while smaller investors are selling amid market uncertainty.
Toncoin (TON) investors are on edge as the cryptocurrency faces growing price pressure. Recent issues with Telegram and its legal troubles in South Korea could further impact Toncoin’s value.
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South Korean authorities are investigating Telegram for its role in distributing deepfake pornography. As a result, many are concerned that Toncoin might fall below $5.
Telegram’s Legal Troubles and Market Reactions
South Korean authorities have begun a preliminary investigation into Telegram. This action is part of a larger effort to combat digital sex crimes.
Reports suggest that Telegram may have been involved in spreading illicit content, leading the Seoul Metropolitan Police Agency to examine its role. The investigation is ongoing, with South Korean officials working alongside international counterparts, including French authorities.
These legal issues have caused significant concern, affecting the cryptocurrency market. The scrutiny surrounding Telegram has cast a shadow over related cryptocurrencies.
This scrutiny could mean increased market volatility and uncertainty for TON. Investors are closely watching these developments to make informed decisions.
Whale Behavior Amid Market Shifts
Despite the bearish market outlook, major Toncoin investors are showing strong activity. Data from Santiment reveals that the amount of Toncoin held by wallets with balances between 1 million and 10 million TON has risen significantly.
This increase occurred around August 26, coinciding with news of Pavel Durov’s arrest in France.
In contrast, smaller investors are exhibiting different behavior.
Wallets holding between 10,000 and 1,000,000 TON have seen a decrease in balances. This suggests that while major holders are seizing the price dip as an opportunity, smaller investors might be selling off their assets.
The interaction between Telegram’s legal issues and Toncoin’s market behavior creates a complex scenario for investors. With ongoing regulatory pressures and shifts in investor behavior, Toncoin faces a crucial period.
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