Aug 26, 2024 - Business
Toncoin value plunges on Telegram CEO arrest
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Toncoin, a cryptocurrency tied to Telegram, shed more than 20% of its market value after the weekend arrest of Telegram co-founder CEO Pavel Durov in Paris.
The big picture: It since has experienced a slight recovery, and currently is the world's 10th largest crytpocurrency with around a $14.2 billion market cap.
Catch up quick: Toncoin officially is separate from Telegram, but traders clearly see a relationship.
- Telegram began work on some technology, but the SEC slapped it down, so it open sourced its work.
- TON, or The Open Network, picked it up and finished the work, released Toncoin and Telegram integrated with it.
