English
Arabic
Chinese (Simplified)
Indonesian
Russian
- Durov’s authorized points hit Telegram IPO prospects, shaking investor confidence.
- Telegram bonds plunge 10 factors after CEO’s arrest amid felony fees.
- Toncoin and Notcoin costs drop sharply, reflecting market unease.
Telegram’s plans for an Preliminary Public Providing (IPO) inside the subsequent two years have confronted a setback because of felony fees towards its CEO, Pavel Durov. French authorities accused Telegram of failing to deal with felony actions on its platform, together with the publication of kid sexual abuse materials.
The Dubai-based messaging app, owned by Durov, has been actively working to lift income forward of a possible IPO by 2026. Telegram’s 2023 monetary statements revealed a income of $342 million final 12 months however an working lack of $108 million. Regardless of Durov’s important funding and profitable debt financing efforts, the latest authorized points have negatively impacted investor confidence.
Durov’s arrest on August 24, 2023, as he arrived in France, has additional raised the state of affairs. The worth of Telegram’s bonds dropped practically 10%, buying and selling at round 87 cents on the greenback and yielding over 16%, down from 96 cents earlier than his arrest.
The authorized battle, coupled with the potential impression on Telegram’s fame, may trigger challenges for any future inventory market itemizing.
The authorized points have additionally affected the broader crypto market, notably Telegram-based tokens. Toncoin, one in every of these tokens, skilled a pointy decline following Durov’s arrest. The token’s worth dropped from a peak of $6.58 on August 24 to round $5.50 on August 30.
TON/USD 1 week Chart: Supply: CoinMarketCap
Equally, Notcoin, one other Telegram-related token, confirmed an identical downward development all through the identical interval. Beginning at $0.01084 on August 24, the token briefly peaked on August 25 earlier than steadily declining to round $0.0082 by August 30.
Disclaimer: The data offered on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any form. Coin Version shouldn’t be chargeable for any losses incurred because of the utilization of content material, merchandise, or companies talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.