A blockchain project associated with Telegram Messenger LLP has seen its digital asset, Toncoin, lose approximately $2.7 billion in market value, following the reported detention of the messaging app's co-founder, Yahoo Finance reports.
Toncoin, the token linked to The Open Network (TON), dropped more than 20% after news broke that Pavel Durov had been detained at a Paris airport over suspicions of failing to curb criminal activity on Telegram.
Despite a partial recovery, Toncoin was still trading at $5.58 as of 2:11 p.m. on Monday in London, marking a decline of over 16% due to the controversy surrounding 39-year-old Durov, according to Bloomberg data. The TON blockchain, which is integrated with Telegram's vast user base of 900 million monthly users, aims to offer services like in-app payments and games. This integration had fueled speculation that Telegram could evolve into a "super-app" similar to China's WeChat.
A new report reveals that the number of crypto millionaires worldwide has surged by 111% over the past year, now totaling 85,400, cryptonews.com reveals.
The Crypto Wealth Report 2024, compiled by international wealth and investment migration specialists at Henley & Partners, underscores how the recent Bitcoin rally has significantly increased the number of crypto millionaires.
Dominic Volek from Henley & Partners credits this dramatic rise to the approval of US spot Bitcoin ETFs in January, which he says "unleashed a torrent of institutional capital" following the long-anticipated approval of spot Bitcoin and Ethereum ETFs.
Nasdaq (NDAQ.O) announced on Tuesday that it is seeking SEC approval to introduce and trade options on a bitcoin index (XBTX), Reuters reports. These proposed index options would offer a quick and cost-effective method for institutional investors and traders to increase their exposure to bitcoin or hedge their positions in the cryptocurrency.
Cryptocurrencies experienced a decline on Tuesday evening, leading to a surge in liquidations, as reported by CNBC. Bitcoin's price dropped by 6.2%, reaching $59,504.68, according to Coin Metrics. Ether saw an even larger fall of over 8%, dropping to $2,457.61. CoinGlass data shows that the futures market witnessed $93.52 million in long ether liquidations, forcing traders to sell their assets at market price to cover their debts across centralized exchanges. Additionally, $85.93 million in bitcoin liquidations were recorded.
Russia is preparing to commence trials for cryptocurrency exchanges and digital token payments for cross-border transactions, according to a Bloomberg report on Monday. The trials, scheduled to start on September 1, are intended to ease payment challenges faced by Russian companies affected by international sanctions, sources with knowledge of the situation revealed.
The trials will involve the National Payment Card System, which will be used to convert rubles into cryptocurrencies and to test payment and exchange platforms. This system, established by the central bank in 2014 and already managing domestic interbank payments and Mir cards, was selected for its existing infrastructure and regulatory framework.
Former President Donald Trump hinted at backing an "official" cryptocurrency initiative bearing his name in a Truth Social post on Thursday, NBC News reports.
For too long, ordinary Americans have been at the mercy of big banks and financial elites. It's time we unite and take action — together. #BeDefiant
The Republican presidential nominee also shared a link to a Telegram channel for his official "DeFi" project. This post follows a series of moves Trump has made to connect with the closely-knit and highly active online cryptocurrency community.
