Toncoin faced a strong bearish momentum after Pavel Durov, the founder of Telegram, was arrested in France.
Toncoin (TON) plunged by 20.6% in the past 24 hours and is trading at $5.3 at the time of writing. The asset’s market cap declined to $13.6 billion, making it the ninth-largest cryptocurrency.
TON price – Aug. 25 | Source: crypto.news
The asset saw a 690% surge in its daily trading volume, reaching the $2 billion mark. TON is currently facing increased selling pressure despite the market-wide rebound on Saturday, Aug. 24.
TON’s price fall came after Durov’s arrest at Le Bourget airport near Paris. He is expected to appear in court today where the billionaire Russian exile could allegedly face multiple criminal charges including “terrorism, drug trafficking, fraud, money laundering, and child abuse content.”
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🚨🇫🇷 BREAKING: PAVEL DUROV FACES 20 YEARS IN PRISON IN FRANCETelegram founder Pavel Durov is set to appear before a judge on Saturday evening, facing multiple charges, including terrorism, drug trafficking, fraud, money laundering, and child abuse content. French media… https://t.co/3l3SAc31s3
— Mario Nawfal (@MarioNawfal) August 24, 2024
According to Mario Nawfal, Durov might face up to 20 years in prison for not complying with the content moderation law in the country.
Many of the prominent figures on X have already announced their support for the Telegram founder for not censoring free speech.
Elon Musk, the billionaire owner of X, mocked Europe’s new laws for censoring free speech.
“It’s 2030 in Europe and you’re being executed for liking a meme.”
Elon Musk said pointing out Durov’s arrest in France.
POV: It’s 2030 in Europe and you’re being executed for liking a meme https://t.co/OkZ6YS3u2P
— Elon Musk (@elonmusk) August 24, 2024
TON’s official account on X said that the TON community will “stand firmly” by Durov as he was committed to freedom of speech.
“We believe his efforts to promote an open and decentralized internet will continue to inspire millions.”
TON community said on X.
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