Telegram founder Pavel Durov arrested, Toncoin plunges 20%

Toncoin has been facing strong bearish momentum following the arrest of Telegram founder Pavel Durov in France.

Toncoin (TON) is down 20.6% in the last 24 hours and is trading at $5.3 at press time. The asset’s market cap has fallen to $13.6 billion, making it the ninth-largest cryptocurrency.

TON price – August 25 | Source: crypto.news

The asset saw a 690% increase in daily trading volume, reaching the $2 billion mark. Despite the market-wide recovery on Saturday, August 24, TON is currently facing increasing selling pressure.

The drop in TON’s price comes after Durov was arrested at Le Bourget airport near Paris. The billionaire Russian exile is expected to appear in court today where he could face multiple charges including “terrorism, drug trafficking, fraud, money laundering and child abuse content.”

🚨🇫🇷 BREAKING NEWS: PAVEL DUROV FACES 20 YEARS IN PRISON IN FRANCE

Telegram founder Pavel Durov will appear before a judge on Saturday evening, facing multiple charges including terrorism, drug trafficking, fraud, money laundering and child abuse content.

French media… https://t.co/3l3SAc31s3

— Mario Nawfal (@MarioNawfal) August 24, 2024

According to Mario Nawfal, Durov could face up to 20 years in prison if he does not comply with the country’s content moderation law.

Many prominent figures at X have expressed their support for the Telegram founder’s decision not to censor freedom of expression.

Billionaire X owner Elon Musk has mocked Europe’s new laws censoring freedom of expression.

“It’s Europe in 2030 and you’re executed for liking a meme.”

Elon Musk drew attention to Durov’s arrest in France.

TON’s official account on X stated that the TON community “will definitely stand” by Durov due to his commitment to freedom of expression.

“We believe that their efforts to promote an open and decentralized internet will continue to inspire millions.”

The TON community had this to say about X.