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Telegram-linked crypto token sheds $3.5b after detention of app founder
The Straits Times
|August 27, 2024
MUMBAI - A digital asset from a blockchain project linked to Telegram Messenger has lost about US$2.7 billion (S$3.5 billion) in market value, reflecting the uncertainty sparked by the detention of the messaging app's billionaire co-founder and chief executive.
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Toncoin, the token of The Open Network, slid more than 20 per cent after Mr Pavel Durov was taken into custody at a Paris airport on Aug 24 on suspicion of failing to take steps to prevent criminal use of Telegram.
The 10th-largest crypto asset pared some of the drop to trade at US$5.69 as at 10.36am on Aug 26 in Singapore but was still down 16 per cent as a result of the unfolding drama over 39-year-old Mr Durov, according to data compiled by Bloomberg.
The Open Network - or TON - blockchain has access to Telegram's 900 million monthly users via a partnership and seeks to enable services such as in-app payments and games. TON's rise spurred speculation that Telegram has a shot at becoming a "super app" in the style of Chinese giants like WeChat.
This story is from the August 27, 2024 edition of The Straits Times.
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