Toncoin’s Remarkable Rise Amid Market Turmoil Following Pavel Durov’s Response
In a market facing challenges, Toncoin, a cryptocurrency linked to Telegram, saw a significant increase after Pavel Durov, the founder of the messaging app, addressed his recent arrest in France. According to data from CryptoSlate, Toncoin surged by over 4% within a day, reaching a high of $5 before stabilizing around $4.77. Meanwhile, other major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana experienced losses exceeding 2% during the same timeframe.
Despite Toncoin’s positive performance, insights from IntoTheBlock indicate that the majority of its holders are currently in a loss position. Around 80% of the 43 million addresses hold Toncoin at a loss, whereas only 9.3% of holders, equivalent to 5 million addresses, are in a profitable position.
Durov’s recent comments shed light on the situation. In his statement on September 5th via his Telegram channel, Durov expressed surprise at the actions of French authorities and emphasized Telegram’s compliance efforts through a representative in the EU. He stressed the importance of upholding free speech principles and stated that Telegram is prepared to cease operations in jurisdictions that conflict with these principles.
In response to Durov’s statement, Telegram updated its FAQ page to reflect a new approach to content moderation. Previously advocating for complete privacy of conversations, the platform now encourages users to utilize the “report” button to flag illegal content. Durov also hinted at forthcoming improvements in content moderation policies.
The recent events surrounding Durov’s arrest, his statement on Telegram’s principles, and the subsequent adjustments in content moderation policies signify a significant development in the cryptocurrency arena. The market’s response to these occurrences, notably Toncoin’s surge in value amidst broader market declines, highlights the influence of regulatory matters on the crypto sector.
