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Pavel Durov is a well-known figure in the tech and crypto world. He is widely recognized as the founder of VKontakte and Telegram, two platforms that have changed the way people communicate and share information. In addition, Durov has also played a significant role in the development of the blockchain ecosystem through The Open Network (TON) project.
Telegram speaks out on CEO Pavel Durov’s detention
Telegram asserts that their CEO, Pavel Durov, who was recently detained in France, has “nothing to hide.”
French news outlet TF1 reports that Durov was arrested on August 24 after traveling with a woman and her bodyguard from Azerbaijan to Le Bourget airport in Paris, which is designated for private jets. Durov was subject to a search warrant issued by OFMIN, an investigative agency in France that tackles child sexual exploitation, following initial investigations.
In a statement on platform X, Telegram underscored its adherence to EU regulations, including the European Digital Services Act. They also highlighted that their moderation practices align with industry standards and are continually being refined.
Moreover, Telegram dismissed allegations that both the company and Durov were responsible for any misuse of the platform, asserting that their CEO “has nothing to hide” and regularly travels across Europe without issues.
“Telegram serves nearly a billion users worldwide as a vital communication tool and source of information. We hope this matter will be resolved soon. Telegram remains committed to you,” the company concluded.
All Eyes On Pavel Durov
The arrest of pavel durov has attracted the attention of many people in the crypto industry, many prominent figures have voiced support for the release of pavel durov as soon as possible.
One of them was Ethereum founder Vitalik Butherin, who expressed his concerns for the sustainability of the software and freedom of speech in Europe. According to him, the arrest of Pavel Durov is a step backwards for the technological landscape because digital platforms no longer only have to deal with the problem of centralization but also have to fully submit to the authorities.
Not only important figures, but the Russian government is also very concerned about this issue. Quoting the BBC, the Russian foreign ministry in France is working to protect all the rights of Pavel Durov.
As of this writing, Pavel Durov has reportedly been released from detention but has been placed under judicial supervision, banned from leaving France, and required to pay 5 million euros in bail.
Sell-off on TON Coin
Due to these arrests, the price of TON fell by 27%, from a peak of $6.8 to $5.09. This is a 35% drop from its June high of $8.24. It is not only the price that has decreased but also the market cap
It is not only the price that has decreased but also the market cap, during its fall TON was eliminated from the top 10 market cap on crypto. However, currently TON is crawling up and back into the Top 10 market cap in 9th place with a market cap of $14.2 billion after Tron at number 11 with a market cap of $13.8 billion.
Will this September be different for TON?
In the short term, the price movement of TON will be greatly affected by the Pavel Durov case process. But in the long run TON Coin is still benefited by various positive sentiments because it is still tied to Telegram which in fact has a large user base, broad reputation, and solid infrastructure. However, in the future it is rumored that TON will try to escape from Telegram in order to build its own Identity, which has also been done by BNB in the past by separating itself from the Binance Exchange.
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