Telegram-Linked Crypto Token Sheds $2.7 Billion After CEO Held
Posted on AllSides August 26th, 2024
From The Left
Bloomberg
A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder.
Toncoin, the token of The Open Network, slid more than 20% after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.
The 10th largest cryptoasset pared some of the drop to trade at $5.69 as of 10:36 a.m. Monday in Singapore but is still down 16%...
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