15:00 - 26.08.2024

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August 26, Fineko/abc.az. Digital assets of the blockchain project linked to Telegram Messenger LLP lost around $2.7 billion due to uncertainty caused by the detention of Pavel Durov, the company's founder and CEO.

ABC.AZ reports citing foreign media outlets that after Durov's arrest in France, the Toncoin cryptocurrency depreciated by more than 20%, trading at $5.69 on Monday morning. The Open Network (TON) blockchain, which the token is based on, has access to Telegram's 900 million monthly users through partnership agreements.

Durov, a billionaire who also serves as Telegram's CEO, could face nearly 20 years in prison. His trial is expected to take place in the coming days. An arrest warrant was issued for Durov just minutes before he landed in Paris, after he was declared wanted.

The value of assets locked in the TON blockchain had grown to $1.1 billion this year, but according to DefiLlama, that figure has now dropped to $661 million, with TON's current market capitalization standing at around $14.4 billion.