The digital currency Toncoin (TON) suffered a sharp decline after Arrest of Pavel Durovfounder of the Telegram application at Le Bourget Airport near Paris.
Toncoin’s price has fallen by 20.6% in the past 24 hours, reaching $5.3, with its market cap falling to $13.6 billion, making it the ninth largest cryptocurrency.
Despite the market rebound on Saturday, August 24, Toncoin faced increasing selling pressure, with daily trading volume surging 690% to $2 billion.
Toncoin is part of the Telegram Open Network, which aspires to be a leader in Web 3, a project that aims to develop the Internet into a more decentralized one.
Durov, 39, is expected to appear in court today, according to French media reports. The Russian billionaire faces possible charges including terrorism, drug trafficking, fraud, money laundering and publishing content related to child abuse.
He could face up to 20 years in prison for failing to comply with the country’s content moderation laws.
Elon Musk has expressed support for Durov, criticizing Europe’s laws that he says restrict freedom of speech. “It’s 2030 in Europe, and you’re being executed for liking a meme,” Musk said.
For its part, the official Toncoin accounts issued a statement expressing the TON community’s firm support for Durov, praising his efforts to promote freedom of expression and an open, decentralized internet.
