TON cryptocurrency is facing a steep decline as Pavel Durov, the CEO of Telegram, remains in custody in France. This unfortunate event has resulted in a significant drop of 20% in the value of Toncoin (TON), the native token of The Open Network. Pavel was arrested in Paris due to charges related to the alleged lack of content moderation on Telegram, which allowed illegal activities such as fraud, drug trafficking, and child exploitation to take place. This news has had a negative impact on the crypto community and has caused TON’s market cap to plummet from over $17 billion to around $13.4 billion. Although the value of TON has slightly recovered to approximately $14 billion, the future of the coin remains uncertain with Pavel’s situation. Furthermore, the decline in TON has also affected Notcoin (NOT), another cryptocurrency connected to the TON blockchain, which experienced a 24% drop in value and a decrease in market cap from $1.2 billion to under $950 million. It remains to be seen how TON will fare in the coming days, as its trajectory seems dependent on the resolution of Pavel Durov’s legal issues.
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TON continues plummeting as Pavel Durov remains in France’s custody
