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Toncoin, the native cryptocurrency of The Open Network, which is endorsed by Telegram, saw a decline of up to 5% following reports of Pavel Durov’s indictment by French authorities. TON’s price fell below $5.59, representing a 32% drop from its peak in June.
Alleged Charges Against Durov
After Durov’s arrest at Le Bourget Airport near Paris, details of alleged crimes linked to an unnamed individual, speculated to be Durov, emerged.
The 12 charges reportedly include three related to cryptocurrency: “providing illegal cryptology services for confidentiality, offering a cryptology tool without prior declaration, and importing cryptology tools without prior declaration.”
If Durov is indeed the suspect, these charges are likely connected to TON, a blockchain network integrated with Telegram’s private messaging app.
The individual also faces charges of money laundering, criminal complicity, and non-cooperation with law enforcement. Reports indicate that Telegram’s founder might remain in custody until August 28 as investigations continue. If convicted, he could face up to 20 years in prison.
As of now, the charges believed to be against Durov remain unconfirmed, and the situation is still unfolding.
Sentiment: Negative
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