Crypto community rallies behind Telegram founder Pavel Durov on heels of arrest

As an analyst with over two decades of experience in the tech and finance industries, I have witnessed numerous instances where the lines between innovation, regulation, and personal freedom blur. The arrest of Pavel Durov, the founder of Telegram, has once again brought this complex interplay to the forefront.

Supporters from the crypto world shared their backing for billionaire Pavel Durov on social platforms following his arrest by French authorities at an airport close to Paris on Sunday.

Based on reports from French officials, Durov faced an arrest warrant because he allegedly didn’t do enough to control illegal activities on the Telegram platform as its founder and entrepreneur.

The value of Toncoin (TON) significantly dropped following the announcement of an arrest, reaching an all-time low of $5.25 since August 8th, marking a 27% decrease from its peak this year.

The digital token, known as Notcoin (NOT), which is used in a widely-used tapping-for-rewards mini-app on the messaging platform Telegram, has dipped to $0.0090, representing a decrease of more than 25% from its peak price last week.

Notably, Hamster Kombat pre-market futures, fell to $0.19, down from last week’s high of $0.2553. 

Details about Durov’s arrest are still not widely disclosed by authorities. But as reported by the Financial Times, investigations are currently underway to determine if Telegram and its users might be using the platform for illegal purposes such as money laundering, promoting terrorism, or child abuse.

Having spent years working as a moderator for various online platforms, I’ve seen firsthand how social media can be misused to spread hate speech and incite violence. This month, I was disheartened to learn that Telegram has become a haven for far-right and neo-Nazi groups who have used the app to organize riots in the UK. It’s troubling to see such extremist views openly shared without any meaningful consequences, especially when it puts innocent people at risk of harm. As someone who values freedom of speech but also believes in the responsibility that comes with it, I can’t help but feel frustrated by this situation. We need to do more to ensure that social media platforms are held accountable for the content they allow to be shared on their sites and take concrete steps to prevent the spread of hate speech and violence online.

The app has been charged with not collaborating with investigators regarding allegations of drug trafficking, child exploitation material, and fraud. However, Telegram claims that the accusations of inadequate moderation are unfounded, as reported by BBC.

Crypto entrepreneurs and billionaires respond

French President Emmanuel Macron is taking a firm stance on social media platforms, implementing stringent measures to regulate content.

Example: Instead of Rumble, a rival to YouTube based in both the United States and Canada, had to temporarily halt its activities within the nation due to its unwillingness to censor pro-Russian media outlets.

In an X post, Chris Pavlovski, Rumble’s CEO said:

Apologies for my tardiness, but I’ve got a valid excuse – I’ve recently left Europe securely.

— Chris Pavlovski (@chrispavlovski) August 25, 2024

Other social media companies have also been under pressure to moderate content.

Previously recognized as Twitter, the company has recently ceased its operations in Brazil following a threat from a Supreme Court judge who suggested imprisoning their staff members.

The owner of X, Elon Musk, has faced criticism from Thierry Breton, a European Commissioner, over allegations that he hasn’t effectively managed the content moderation on X.

Musk also takes issue with the word “moderate,” which he equates to censorship.

In a recent instance, Elon Musk, currently ranked as the wealthiest individual globally (estimated net worth: $222 billion), didn’t shy away from voicing his criticism towards other social media giants like Meta Platforms and their CEO, Mark Zuckerberg. Check out the excerpt below for more details.

Despite Zuckerberg not having been arrested, the creator of Facebook has faced lawsuits on charges that he failed to safeguard children from potential harm related to sexual exploitation and human trafficking.

A judge has since dropped Zuckerberg from the lawsuit.

Telegram, boasting over 900 million active users, gained popularity due to its simple method of content moderation. In a conversation with Tucker Carlson, Durov mentioned his relocation from Russia to Dubai following threats by authorities aiming to seize control over the platform.

Additionally, it was disclosed that he was often trailed by the Federal Bureau of Investigations during his trips to the United States.

Durov’s arrest also drew the ire of entrepreneur Kim Schmitz, aka Kim Dotcom.

Schmitz, the creator of BitCache, expressed his disapproval towards Macron and showed backing for Durov using the hashtag “#FreePavel.”

In a separate post, David Sacks, billionaire and co-creator of Craft, as well as a previous COO at PayPal, made allegations without evidence that America is exploiting France to bypass the constitutional right to freedom of speech enshrined in the First Amendment.

There is no link between the U.S. and Purov’s arrest as of press time. 

Michael van de Poppe, a well-known cryptocurrency analyst with more than 723,000 followers, made a post asking for his freedom.

In simpler terms, Vitalik Buterin, one of Ethereum‘s (ETH) creators, expressed concern that Durov’s arrest could potentially restrict software and communication liberty in Europe in the future.

In reference to TON‘s market movements, analyst DaanCrypto, who has nearly 400,000 followers, issued a cautionary note stating that a sudden increase in price (short squeeze) might occur if Durov gets freed.

He pointed to the big Binance Coin (BNB) dip after Binance and Changpeng Zhao pleaded guilty to money laundering allegations. 

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2024-08-25 21:08