The cryptocurrency market has slightly recovered for Toncoin, the native digital asset of Telegram’s blockchain, The Open Network (TON).
Following a steep decline of nearly 20% after the arrest of Telegram CEO Pavel Durov, Toncoin has rebounded by 1.5% in the last 24 hours.
Toncoin, originally associated with Telegram’s blockchain project that was halted in 2020 due to legal challenges from the U.S. Securities and Exchange Commission (SEC), made a good comeback.
The cryptocurrency, which is now available on several major exchanges, gained interest, further bolstered by an endorsement from Telegram’s founder.
After Durov’s arrest in France, The Open Network took to social media to communicate solidarity with its founder. In a statement released via X (formerly Twitter), the network reaffirmed its focus on free speech and decentralisation, core values championed by Durov.
The message encouraged the TON community to remain united and continue supporting the project during this challenging period.
The statement read: “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.
As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions.
The TON community remains focused on our mission, and we will continue our work to uphold these principles globally. We encourage everyone to stay calm, united, and to keep building as we navigate this situation together. Thank you for your continued support.”
Durov was reportedly detained on Saturday at Paris Le Bourget airport upon arrival from Azerbaijan. Accompanied by a security guard and an unidentified woman, Durov now faces several serious charges, including allegations of terrorism, drug-related offences, fraud, money laundering, and facilitating illegal content on his Telegram platform, which has over 800 million users globally.
In response to his arrest, a social media movement under the hashtag #FreePavel has gained attention, with Elon Musk and journalist Tucker Carlson supporting the call for his release.
Toncoin experienced a fall in response to the news, with its value plunging by over 20% on the day of Durov’s arrest. The cryptocurrency has since recovered by 12% and has continued to stabilise, showing a modest 1.5% gain in the past 24 hours.
As of now, Toncoin trades at approximately $5.66, although it remains 31.7% below its all-time high of $8.25.
The TON blockchain has become one of the fastest-growing networks, largely due to its integration with Telegram. This partnership is proving important in attracting new users to the Web3 space, with Telegram’s wide user base serving as a powerful tool for onboarding.
Notably, play-to-earn crypto games hosted on Telegram and supported by the TON blockchain, such as Hamster Kombat, have attracted millions of players globally, further bolstering TON in the crypto industry.
