Toncoin faced a strong bearish momentum after Pavel Durov, the founder of Telegram, was arrested in France.
Toncoin (TON) plunged by 20.6% in the past 24 hours and is trading at $5.3 at the time of writing. The asset’s market cap declined to $13.6 billion, making it the ninth-largest cryptocurrency.
The asset saw a 690% surge in its daily trading volume, reaching the $2 billion mark. TON is currently facing increased selling pressure despite the market-wide rebound on Saturday, Aug. 24.
TON’s price fall came after Durov’s arrest at Le Bourget airport near Paris. He is expected to appear in court today where the billionaire Russian exile could allegedly face multiple criminal charges including “terrorism, drug trafficking, fraud, money laundering, and child abuse content.”
According to Mario Nawfal, Durov might face up to 20 years in prison for not complying with the content moderation law in the country.
Many of the prominent figures on X have already announced their support for the Telegram founder for not censoring free speech.
Elon Musk, the billionaire owner of X, mocked Europe’s new laws for censoring free speech.
“It’s 2030 in Europe and you’re being executed for liking a meme.”
Elon Musk said pointing out Durov’s arrest in France.
TON’s official account on X said that the TON community will “stand firmly” by Durov as he was committed to freedom of speech.
“We believe his efforts to promote an open and decentralized internet will continue to inspire millions.”
TON community said on X.
