As a seasoned crypto investor with a knack for staying abreast of market developments, I find myself constantly monitoring the global landscape to identify potential opportunities and risks. The recent escalating legal challenges faced by Telegram, particularly in Indonesia, France, and India, have undeniably raised concerns among investors like myself.
After the apprehension of Telegram’s CEO, Pavel Durov, in France, the messaging service is encountering intensifying legal issues in various nations. Indications from local news suggest that Indonesia might impose a ban on Telegram due to accusations that it has been assisting in the dissemination of pornography and online gambling.
Global Scrutiny On Telegram
As reported by local media outlets, Indonesia’s Communication and Informatics Minister, Budi Arie Setiadi, has expressed serious worries over Telegram’s content management policies. The minister has previously alerted Telegram to these issues.
According to the report, Minister Budi Setiadi underscored that if there’s proof of illegal content, the government will swiftly move to shut down the platform.
Following a concerning event in Central Java involving a 20-year-old resident known as “MAFA,” accused of overseeing a child pornography network on Telegram, this situation has led to increased legal examination. The Indonesian officials are keeping an eye out for any additional breaches on the platform.
In France, Durov’s legal predicament has worsened since his detention at Le Bourget Airport. According to the Paris prosecutor, he is now confronted with 12 significant accusations, such as aiding in the peddling of child pornography, narcotics trafficking, fraud, and refusing to collaborate with investigations.
Afterward, Durov was allowed to post bail under specific terms: he needs to deposit €5 million, check in with the police every other week, and stay within French borders at all times. Paris prosecutor Laure Beccuau has stated that there is enough evidence to probe Durov regarding all charges stemming from his initial detention.
Meanwhile, Telegram’s legal hurdles aren’t limited to France and Indonesia; India is also investigating the platform.
According to NewsBTC, officials in India are looking into allegations that Telegram is being misused for illicit activities such as blackmail and wagering. Just like probes ongoing in France and Indonesia, there’s a possibility that the messaging service could be prohibited in those nations.
TON Price Continues To Struggle
As a crypto investor, I observed a significant drop of approximately 20% in Toncoin (TON) following the arrest of Durov outside Paris on August 24th. However, some of those losses were later recovered. Notably, the Total Value Locked (TVL) for TON has decreased to $357 million, a significant drop from its peak of $769 million reached in July, as reported by data provider DefiLlama.
After the price drop, some supporters of Toncoin saw a chance among the turmoil. DWF Labs, a crypto market maker holding Toncoin tokens, took advantage of the situation by investing “millions” of dollars in Toncoin after the fall, as reported by co-founder Eugene Ng to Bloomberg.
Regardless of attempts to strengthen Toncoin’s worth, the digital currency has faced persistent difficulties rebounding. The price of TON has persistently dipped, demonstrating no indications of improvement and a 1% decrease within the last day. Over the past month, the token has experienced significant declines totaling almost 17%, currently being bought and sold at $5.54.
If there are additional declines in the token’s price, it would be crucial for optimistic investors to closely monitor the $5.15 and $4.87 thresholds. These points represent significant areas of potential support for the token as shown on its daily TON/USDT chart.
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2024-08-30 00:40