The price of Toncoin (TON), the token of The Open Network, fell off a cliff in the crypto market on August 24 as the billionaire founder and CEO of the popular messaging app Telegram was arrested in France at the Bourget airport outside of Paris.
Though the arrest of Pavel Durov was justified over Telegram’s alleged failure to properly moderate its platform and prevent illegal activities, the action of the French police drew significant criticism, and significant attention from the crypto community.
Along with the effects it had on TON, the arrest piqued the interest of many in the space as Yulia Vavilova, an influencer considered Durov’s ‘crypto coach’ and girlfriend, was also picked up.
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Did Vavilova contribute to Pavel Durov’s arrest
While Telegram was quick to comment on the arrest of its CEO and explain that a process to free him has already been initiated, and The Open Network swiftly reiterated its commitment to the project in an X post, there has been a notable lack of communication concerning Vavilova.
Her involvement with Durov and cryptocurrencies also raised the suspicion that the arrest is likely linked to Telegram’s relations with digital assets and even that she may have played a part in the investigation, but there is no reliable information backing the speculation at the time of publication.
Indeed, Telegram has had a troubled history with the authorities of several countries – most notably Russia in 2018 and, apparently, the European Union in 2024 – due to its practices, which can both be interpreted as the protection of free speech and the privacy of its users, and as enabling criminal activity.
Still, it is likely that the investigation and the associated arrest do have something to do with various fundraisers frequently found in Telegram groups and generally conducted using cryptocurrencies.
For example, there are many avenues for donations to various armed and humanitarian groups involved in active conflicts. Those created to benefit Russian mercenaries and paramilitary groups are likely sitting ill with the EU and could be seen as sanctions evasion.
TON price chart
Whatever the truth behind the investigation and the arrests may be, the effects on the TON cryptocurrency have been both swift and sharp.
Indeed, the token, which has otherwise been performing well in 2024 as it rose 190.48% between January 1 and August 24, is now down 16.51% in the 7-day chart.
Still, it remains possible Toncoin will begin recovering relatively soon as it had, after the initial shock, stabilized by press time on August 26 and remains nearly 300% up in the 12-month chart. TON price today stands at $5.63.
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