In a declining cryptocurrency market, Toncoin, a digital asset associated with Telegram, made notable gains after Telegram’s founder, Pavel Durov, broke his silence following his arrest in France.
According to data from CryptoSlate, Toncoin surged over 4% in the last 24 hours, briefly reaching $5 before stabilizing around $4.77 at the time of reporting. In contrast, major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana experienced losses of more than 2% during the same period.
Toncoin Holders Face Challenges Despite Gains
Despite Toncoin’s price increase, data from IntoTheBlock indicates that most holders are still at a loss. Approximately 80% of the 43 million addresses holding Toncoin are currently “out of the money,” meaning their investments are below cost. On the other hand, only 9.3% of holders, or around 5 million addresses, are “in the money.”
Pavel Durov’s Reaction to His Arrest
On September 5, Pavel Durov addressed his arrest through his Telegram channel, expressing surprise at the actions taken by French authorities. Durov highlighted that Telegram already has a representative in the European Union for legal and regulatory matters.
He also pointed out that the French authorities had various ways to contact him and mentioned his frequent visits to the French Consulate in Dubai. Durov warned that if countries continue to target internet services in this manner, Telegram may consider exiting regions that oppose its principles on free speech.
Durov added:
“If a country is unhappy with an internet service, the established practice is to start legal action against the service itself. Using outdated laws to charge a CEO for third-party actions on their platform is a misguided approach. Innovators will hesitate to build new tools if they risk personal liability for misuse.”
Telegram’s Policy Updates
Following Durov’s statement, Telegram made changes to its FAQ section, signaling a shift in its content moderation policies. Previously, Telegram stated that all chats were private and did not respond to content-related requests. However, the updated policy now encourages users to report illegal content via the “report” button.
Durov also hinted at upcoming improvements to the messaging app, saying:
“I’ve made it my personal goal to ensure we significantly improve things in this regard. We’ve already started the process internally, and I will update you on our progress soon.”
The post Toncoin bucks market slump as Telegram’s Durov addresses arrest in France appeared first on CryptoSlate.
