The TON blockchain’s X account shared a statement backing Telegram founder and CEO Pavel Durov, who was arrested in France on Saturday and is now facing several charges connected to the platform’s activities.
The statement apparently seeks to reassure the community amid uncertainty that led to a massive drop in the value of Toncoin, TON’s native token.
“Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational,” the statement read. “As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time.”
Durov was reportedly arrested on Saturday after arriving at Paris’s Le Bourget airport from Azerbaijan. Reports suggest that the arrest may lead to an indictment on charges related to Telegram’s operations, including allegations involving terrorism, drugs, fraud, money laundering, and other offenses.
The news caused Toncoin to plummet nearly 20% before recovering slightly. At the time of publication, Toncoin was down 12% in the past 24 hours.
The TON blockchain’s statement encouraged the community to “stay calm, united, and to keep building as we navigate this situation together.”
Support for Durov has also come from key figures in the crypto community and beyond, including American journalist Tucker Carlson and X platform owner Elon Musk. Franklin Bi, a general partner at VC fund Pantera Capital, posted the hashtag “#FreePavel” in support. Pantera Capital made its largest investment in the TON token this year and later raised additional capital to invest in the ecosystem.
The situation remains fluid, and the TON community, along with other supporters, continues to monitor developments closely.
Toncoin, the token associated with The Open Network (TON), has seen a dramatic drop in market value, losing nearly $3 billion since the arrest of Durov on Saturday.
Durov has been a central figure in integrating Toncoin into Telegram’s ecosystem, making his arrest a major concern for traders and investors. The current price behavior of Toncoin is reminiscent of Binance’s BNB token, which experienced a similar drop before recovering strongly after the legal issues surrounding Binance founder Changpeng Zhao (CZ) were resolved.
Toncoin was originally developed as part of Telegram’s broader vision to create a decentralized platform that extends beyond messaging, incorporating blockchain technology into its ecosystem. The token is designed to enable features like in-app payments, bot payments, and microtransactions within Telegram, while also supporting a robust ecosystem for decentralized applications (dapps).
