Telegram-linked Crypto token sheds $2.7 billion after CEO Pavel Durov held
A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder.

Toncoin, the token of The Open Network, slid more than 20% after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.

The 10th largest cryptoasset pared some of the drop to trade at $5.69 as of 10:36 a.m. Monday in Singapore but is still down 16% as a result of the unfolding drama over 39-year-old Durov, according to data complied by Bloomberg.

The Open Network — or TON — blockchain has access to Telegram’s 900 million monthly users via a partnership and seeks to enable services such as in-app payments and games. TON’s rise spurred speculation that Telegram has a shot at becoming a “super-app” in the style of Chinese