The recent detention of Pavel Durov, founder of Telegram, has caused a stir in the cryptocurrency market, particularly among firms with significant investments in Toncoin.
Pavel Durov's Arrest
On August 24, Telegram founder Pavel Durov was detained near Paris. This event drew the attention of the crypto community and led to immediate market repercussions.
Impact on Toncoin
Notable crypto firms such as Pantera Capital Management, Animoca Brands, and Mirana Ventures hold substantial amounts of Toncoin, which is used for instant payments on Telegram. Following Durov's arrest, Toncoin's value dropped by about 20% but later recouped some losses. The Total Value Locked (TVL) on the TON blockchain also fell from $1 billion to $573 million.
Crypto Firms' Reaction
Pantera Capital, one of the largest crypto-focused venture capital funds, had invested over $100 million in Toncoin. According to sources, Pantera purchased Toncoin at a 40% discount on its current market price. Despite recent market fluctuations, this investment remains profitable due to early acquisitions at favorable prices.
Pavel Durov's arrest significantly impacted Toncoin's price and raised concerns among venture capitalists. Nonetheless, some firms continue to see profits from their investments due to early purchases at discounted rates.
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