The post DWF Labs buys $500k worth of Toncoin to support detained Telegram CEO appeared on BitcoinEthereumNews.com.

Andrei Grachev, the managing partner of Web3 market maker DWF Labs, has bought $500,000 worth of Toncoin to show support for Telegram founder Pavel Durov. In a post on X (formerly Twitter), Grachev described it as his little way of showing solidarity. With the move, Grachev joins the growing list of people in the crypto community who have been showing support and calling for Durov’s release since his arrest in France last night. Elon Musk even joined the call by posting the #FreePavel hashtag. Grachev acquisition is a show of confidence in TON According to Grachev, he bought the tokens on the open market and plans to keep the funds until Durov is finally freed. He described it as one way he supports an uncensored and decentralized technology and ensures the community stays united. He said: “We cannot do too much, but I decided support what I could, bought ~500k$ in $TON on open market and will keep them onchain until #FREEDUROV Not financial advice.” Grachev’s acquisition of TON could not have come at a better time, given the TON token’s performance in the last 24 hours. Data from CoinMarketCap shows that TON fell more than 20%, hitting a low of $5.249 after the news of the arrest broke. Toncoin Price Performance (Source: Tradingview) The drop was mostly due to selloffs based on market panic, as the token’s 24-hour trading volume increased by 892% to 2.48 billion. However, the asset is slowly recovering, likely due to acquisitions like Grachev’s. It is currently trading at $5.864. Crypto community shows support for Telegram CEO Meanwhile, many in the crypto community are already calling for Durov’s release. They describe his arrest as an attempt by the government to bully him into allowing the government to censor Telegram. Popular Telegram game Hamster Kombat joined…

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Filed under: News - @ August 25, 2024 9:16 pm