On August 25, Toncoin (TON) saw a sharp 18% drop, falling below $5.53, following the arrest of Telegram CEO Pavel Durov at Le Bourget Airport in France. Notcoin (NOT) also tumbled, experiencing a 21% decline as concerns over the impact of Durov’s legal troubles spread across the market.
Durov was detained by French authorities on August 24 after arriving from Azerbaijan, acting on a warrant from OFIM, France’s agency focused on preventing violence against minors. The investigation centers on allegations that Telegram has failed to sufficiently moderate its content, enabling criminal activities on its platform.
This arrest sent shockwaves through the market, with Toncoin’s market capitalization plummeting from $17.1 billion to around $14 billion within hours. As of the latest update, TON is trading at approximately $5.6, marking a 17% decline in 24 hours and standing 31% below its all-time high of $8.2 recorded in mid-June.
Notcoin, which has gained popularity on the TON blockchain, was also heavily impacted, trading at roughly $0.009, down 20% over the same period.
Despite the turbulence in Toncoin and Notcoin, the broader cryptocurrency market remained relatively stable, with a slight overall increase of 1.1% on the day. Bitcoin, in particular, showed little movement, maintaining a price near $64,000.
In response to Durov’s arrest, the TON community voiced strong support for him, reaffirming their commitment to the principles of free speech and decentralization. They assured members that the community remains “strong and fully operational” and called for unity during this challenging period.
The arrest has introduced significant volatility in the cryptocurrency market, particularly affecting Toncoin and Notcoin.
