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According to Bloomberg, the market value of The Open Network, a blockchain project related to Telegram, has shrunk by approximately US$2.5 billion after news of the detention of Telegram co-founder Pavel Durov. of uncertainty.
So far, France has not issued an official statement on the arrest of Pavel Durov, and it is still unclear what charges Pavel Durov is accused of. However, current reports generally believe that the reason for Pavel Durov's arrest was due to TG's lack of content review and failure to cooperate with French law enforcement agencies. It is reported that the Paris authorities have confirmed that Pavel Durov has been detained and will issue an official statement on August 26.
The Open Network’s token Toncoin (TON) once fell by more than 20% after the news was released. At the time of writing this article, the decline has narrowed to 15%. Richard Galvin, co-founder of hedge fund DACM, who purchased TON tokens in a private placement in early 2023, said it is "too early" to tell what long-term impact Durov's detention will have on Telegram. He added that the market reaction over the weekend "has temporarily priced this uncertainty into the price of TON."
Many parties publicly announced the purchase of TON to protect the market.
On the other hand, after the price of the token fell, many parties also announced the purchase of TON tokens to express their support for Pavel Durov and Telegram. Andrei Grachev, co-founder of controversial market maker DWF Labs, posted on Andrei Grachev said in the article:
"This does not constitute financial advice, I just want to support censorship-resistant and decentralized technology."
NFT project Memeland also posted on X that it has used team treasury funds to buy $1 million worth of TON in the open market and will hold it until Pavel Durov is released.
In addition, 3AC founder Su Zhu also said that he bought TON tokens at US$5.8.
