A popular crypto analyst thinks a major Ethereum rival (ETH) is at risk of a massive sell-off.
Ali Martinez tells his 72,400 followers on social media platform
Telegram initially developed Toncoin in 2018, but abandoned the project in 2020 after a legal battle with the US Securities and Exchange Commission (SEC). The Open Network, an open source community of developers, took over management of the technology that year.
However, TON can still be sent within the platform by Telegram’s 900 million users without entering long wallet addresses.
Pavel Durov, the founder and CEO of Telegram, was arrested last month by French authorities on an arrest warrant related to his platform’s alleged inability to moderate content related to drugs, fraud and other criminal activities, a move which was denounced by numerous high-profile free speech advocates. .
On Monday, Durov announced on Telegram that its platform was updating its terms of service and privacy policy.
“We have made it clear that the IP addresses and phone numbers of those who violate our rules may be disclosed to the relevant authorities in response to valid legal requests.
These measures should discourage criminals. Telegram Search is for finding friends and discovering news, not for promoting illegal goods. We will not allow bad actors to compromise the integrity of our platform for nearly a billion users.”
Martinez says getting rid of Telegram’s “most attractive feature” could contribute to a Toncoin sell-off.
He also thinks TON’s chart could “follow the path” of the Layer-1 modular blockchain Celestia (TIA), which crumbled from a high of over $20 in February to a low of under $4 this month.
TON is trading at $5.70 at the time of writing. The 10th-ranked crypto asset by market capitalization is up almost 1.5% in the past 24 hours.
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