Telegram CEO Pavel Durov is now facing multiple charges in other European countries as the saga unfolds into bigger risks for crypto investors, risking even a market crash. After France indicted Durov and banned him from leaving the country, reports of alleged crimes and investigations on Telegram and its CEO are surfacing.
Crypto Investors and VC Firms Impacted by Telegram Saga
The detention of Telegram CEO Pavel Durov is impacting the crypto venture capital sector, reported Bloomberg on August 29. The crypto market has also faced a crash-like situation after Durov’s arrest despite the global outcry on free speech and support for his release.
Crypto venture capital firms Pantera Capital Management, Animoca Brands, and Mirana Ventures are among the biggest investors in Toncoin. Notably, Pantera has put more than $100 million into Toncoin earlier this year, according to people familiar with the matter. The Open Network blockchain is used on Telegram to handle things like instant payments, ads, and other services.
“The majority of the investors thought that obviously the app itself is going to foster and promote, or at least seed, the adoption of the Toncoin network,” said Lasse Clausen, founding partner at crypto VC firm 1kx. “Now we have a case where a black swan event happens to the company itself and its founder — that might raise some questions about the future.”
Pavel Durov Charges and Telegram Investigation
Telegram CEO Pavel Durov preliminary charges by a court in France for allowing alleged criminal activity on his messaging app. He was released on a €5 million ($5.5 million) bail, but barred from leaving the country to report the police twice a week.
Telegram is investigating in India over concerns that the messaging app is being used for criminal activities such as extortion and gambling.
The app is also under investigation by the European Union for potentially breaching digital rules by underreporting user numbers, as required by the Digital Services Act (DSA).
Also, Forbes reported that Durov is also facing an unrelated criminal complaint of child abuse in Switzerland. The case was filed by his former partner Irina Bolgar. She also alleged that Durov stopped paying her 150,000 euros ($167,500) per month in child support, as per court filings.
The post Is Telegram CEO Pavel Durov Saga Another ‘Black Swan Event’ Risking Market Crash? appeared first on CoinGape.
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