Toncoin
Toncoin
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The toncoin price crash comes after the CEO of toncoin-linked messaging app Telegram, Pavel Durov, was arrested in France.
Local media reported that Durov was arrested at Le Bourget airport after arriving in the country on a private plane as part of a preliminary police investigation.
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Telegram founder and CEO Pavel Durov was arrested in France, which led to the price … [+]
Durov faces possible indictment on Sunday, according to reports citing anonymous sources, with the investigation focused on Telegram’s failure to prevent criminal activity on the messaging app.
Toncoin, an open-source version of a cryptocurrency that runs on the Open Network blockchain, formerly known as the Telegram Open Network, was launched in 2021.
The price of toncoins has jumped nearly 1,000% since then, soaring this year alongside a boom in bitcoin prices amid a surge in activity and users due to the popularity of Telegram-based crypto mini-games that use toncoins.
Telegram’s original plan for toncoin, a cryptocurrency called gram, never got off the ground after the US Securities and Exchange Commission (SEC) fined $1.7 billion in initial coin offering (ICO) funding as an unregistered sale of securities in 2020 and ordered her to return the funds.
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The price of thincoins has fallen back after rising this year along with the huge price of Bitcoin … [+]
The non-profit TON Foundation has since led the development of the blockchain and the toncoin cryptocurrency.
“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day continue our vision of a mass market blockchain platform,” Durov wrote in a post on his official Telegram channel in 2021.
“So I was inspired to see Telegram’s coding competition champions continue to develop the TON open project, which they renamed Toncoin,” the post read, adding, “Toncoin is independent of Telegram.”