Cryptocurrencies
Telegram-Linked Token Sheds $2.7 Billion After CEO Detained
- Messaging app’s CEO Pavel Durov is being held in France
- Toncoin token with ties to Telegram has fallen over 16%
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A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder.
Toncoin, the token of The Open Network, slid more than 20% after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.