Telegram's CEO vowed to improve the app after being arrested in France in August. Cryptocurrency TON bounced back from rejections after the app chief's statement. Pavel Durov aims to “significantly improve” the app, as officials say he hasn't done enough to curb illegal activity.
Toncoin, a cryptocurrency closely associated with messaging app Telegram, rallied after a nearly two-week decline.
The token, which trades under the ticker TON, has risen nearly 7% to $4.89 in the past 24 hours. CoinGecko. Evacuation a Advertisement From Telegram CEO Pavel Durov — his first since his August 24 arrest.
Durov was detained by the French government after his app failed to crack down on illegal activity on the platform.
Toncoin is down nearly 28% since the day of the arrest, when French authorities detained Durov for his app's failure to curb illegal activity on the platform.
“Claims in some media that Telegram is some sort of anarchic paradise are completely untrue,” Durov wrote. “We remove millions of harmful posts and channels every day.”
He said he made it a “personal goal that we make things significantly better.”
'some optimism'
Ajay Dhingra, head of research and analytics at Unizen, a DeFi protocol that aggregates prices from other exchanges, attributed some of the token's recent rise to Durov's public commitment to cleaning up Telegram.
That “caused some optimism,” he said News.
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Hong Ye, a former trader at Goldman Sachs and co-founder and CEO of crypto exchange GRVT, echoed Dhingra's analysis.
“TON's price is likely to closely reflect developments from the French authorities, any actions taken by Durov and any actions implemented by TON or Telegram,” he said.
Crypto market movers
Bitcoin has fallen 2.2% to $55,796 in the last 24 hours.
Ethereum fell 2.2% to $2,349 during the same period.
Toncoin is currently trading at $4.78 after rising 3% to a peak of $4.89.
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Ben Weiss is the Dubai correspondent News. Got a tip? Email him [email protected].
