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Telegram CEO arrest rattles crypto 🚨

Telegram CEO arrest rattles crypto 🚨

The Telegram-linked Open Network plunged following word of Pavel Durov's arrest late Saturday. Here's the latest on the developing situation.

Andrew Hayward
August 26, 2024

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📝 What you need to know

The surprise arrest of Telegram co-founder and CEO Pavel Durov late Saturday sent a shock throughout the tech and crypto industries. French authorities nabbed the Russian-born free speech advocate as he stepped off his private plane outside of Paris, alleging that Durov was responsible for not adequately moderating the use of the service for an array of illegal actions.

Durov could remain in custody until Wednesday, the French prosecutor said Monday, and French President Emmanuel Macron denied that the move was politically motivated in any way. Telegram said in a statement that it follows regulations and has “nothing to hide,” and that it’s “absurd to claim that a platform or its owner are responsible for abuse of that platform.”

The arrest had an immediate impact on The Open Network, the independent network that Telegram itself and many hot crypto games are using. The price of TON has plunged by 19% and fallen out of the top 10 coins by market cap, as developers of Telegram games join the protest over the arrest.

Telegram CEO Remains in Custody as French President Macron Denies 'Political' Move

The Paris prosecutor’s office said it can keep Pavel Durov detained until Wednesday as Macron fights claims of political motivations.

Tron Jumps Into Top 10 on Meme Coin Hype as Telegram-Linked TON Falls

Tron's TRX is now the 10th-largest coin by market cap following the weekend arrest of Telegram CEO, which led to a plunge in TON's price.

Telegram Responds to Founder and CEO Pavel Durov's Arrest in France

"It is absurd to claim that a platform or its owner are responsible for abuse of that platform," Telegram said late Sunday evening.

‘Hamster Kombat’, Other TON Games Protest Arrest of Telegram CEO Pavel Durov

Prominent games built on Telegram have joined many in the crypto and tech communities in solidarity against the Saturday arrest of Pavel Durov.

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💬 Quote of the Day

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“France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so.”

— French President Emmanuel Macron on Pavel Durov’s arrest

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