Impact of Telegram CEO's arrest on TON

Telegram CEO Pavel Durov was suddenly detained in France early last week. At first, it was thought that he had been detained for refusing to share the data with the European government, but it was later revealed that he had faced 12 different charges related to child exploitation and illegal content. In a statement, Telegram stated that they are fully compliant with European Union law and that their content moderation practices are within industry norms. Durov, whose detention has expired, was released after being brought to court, but his case is still ongoing.

What does the drop in TON mean?

These events have had a major impact on the Toncoin price. Although Toncoin experienced a 13% total decrease, it managed to stay above the psychological resistance point of 5 dollars. Meanwhile, names like Ethereum founder Vitalik Buterin and Elon Musk sent messages of support to Durov via social media. On the same week, it was reported that Rumble CEO Chris Pavlovski left Europe on the day he was taken into custody.

Will the decline in Bitcoin continue?

Crypto markets were generally in decline, which increased investor concerns ahead of Nvidia’s expected data. In particular, the fact that Bitcoin holdings of crypto miners reached the highest level in the past two years added to selling pressure in the markets. Additionally, the atmosphere of insecurity arising from the arrest of the CEO of Telegram also contributed to the decline of Bitcoin.

Memecoins are on the rise

The winners of this week were the Memecoins. Especially Pepe, based on Ethereum, stood out. The 1000% increase in Shiba Inu’s burning rate indicated its readiness for a bull market by reducing token supply. In addition, it was announced that the long-awaited Hamster Kombat airdrop will take place on September 26th.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.