Telegram-linked crypto tokens Toncoin (TON) and Notcoin (NOT) are each down greater than 20% over the week after co-founder and CEO of the cellular app, Pavel Durov, was arrested in Paris.
The Open Network, which makes use of Toncoin (TON) as its native foreign money, was initially theorized by Telegram in 2018 with the discharge of its whitepaper for the “Telegram Open Community.” However the cellular app firm deserted the undertaking after the SEC claimed the undertaking would have been thought-about an unregistered safety.
This was when the group stepped in, utilizing TON’s code accessible on GitHub, to push the undertaking over the end line—renaming the undertaking to The Open Community.
Late on Saturday, in line with local media, Durov was arrested on various allegations that Telegram had not prevented unlawful conduct by Telegram customers. This has brought on Toncoin’s value to plummet 21% and the community’s largest token Notcoin (NOT) to equally fall 20%.
Telegram has been the house of a crypto mobile gaming craze led by the tap-to-earn sport Notcoin. Gamers are inspired to click on a gold coin time and again as they accrue in-game factors which ultimately led to the largest crypto gaming airdrop of 2024—hitting a $2.97 billion market cap.
The success of the undertaking, together with important updates from Telegram, has led to a slew of comparable tasks creating Telegram-based video games with the promise of future airdrops. Following the current arrest of Durov, some Telegram video games corresponding to Notcoin and Hamster Kombat have shown solidarity with the founder by means of in-game options, stickers, and social media posts.
Toncoin’s brand has been modified to the community’s Resistance Dog—a token used to represent “digital resistance.” The TON Society inspired different tasks and group members to hitch them in altering their Twitter avatar’s to the Resistance Canine. The staff shared a submit with the hashtag #FreeDurov, referring to the detained Telegram CEO, with the free emoji. This submit has garnered over 210,000 retweets to this point.
In flip, the Resistance Canine (REDO) token is up 94% over the week, hitting a $67 million market cap and turning into the fifth largest token on the network excluding stablecoins.
Edited by Stacy Elliott.
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