Telegram CEO Pavel Durov's Arrest Triggers 14% Drop In Toncoin ETP: Here's Why
Portfolio Pulse from Benzinga Neuro
The arrest of Telegram CEO Pavel Durov led to a 14% drop in the 21Shares Toncoin Staking ETP (TONN) on the SIX Swiss Exchange. This decline was triggered by a 19% fall in Toncoin prices. The TON network, backed by Telegram, showed support for Durov by updating its logo to a symbol of digital resistance. Elon Musk also voiced support for Durov's release.
August 26, 2024 | 10:11 am
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The 21Shares Toncoin Staking ETP (TONN) experienced a 14% drop following the arrest of Telegram CEO Pavel Durov, as Toncoin prices fell by 19%.
The arrest of Telegram's CEO, a key figure associated with the TON network, led to a significant drop in Toncoin prices, directly impacting the TONN ETP. The ETP's value is closely tied to Toncoin's performance, hence the 14% decline.
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