Altcoin
Will Toncoin Price Fall Below $5 As Telegram Under Probe By S. Korea?
Encrypted messaging app Telegram facing investigations around the globe after the arrest of CEO Pavel Durov last month. South Korean police have now launched a probe into Telegram to investigate whether the messaging app has helped spread sexually explicit deepfake content. Traders anticipate a further fall in Toncoin price on weak technical chart woes.
Telegram Now Under Investigation in South Korea
Amid the selloff pressure on Toncoin price, messaging app Telegram is now under investigation by South Korean police, as per a Reuters report on September 2. The police will investigate potential online sex crimes on the platform, but the South Korean Cyber Investigation Bureau declined to comment on the report.
Local news agency Yonhap quoted Woo Jong-soo, head of the National Office of Investigation, revealing that the police has launched a preliminary investigation into the instant messaging service platform Telegram on suspicions of abetting deepfake sex crimes.
“As France has done, the Seoul Metropolitan Police Agency launched an internal investigation into the corporate entity of Telegram before officially booking it,” Woo said.
The probe started after public and political outrage over digital deepfake pornography featuring South Korean women. The local media reported that such content is typically available in Telegram chatrooms. This has fueled further selloff pressure on Toncoin price.
The South Korean police plan to collaborate with French authorities and other institutions to find methods for investigating Telegram.
Telegram is also under probe in the EU countries and other nations such as India and Indonesia. Crypto investors and VC firms believe the incident is gradually turning into a crypto Black Swan Event.
Toncoin Price to Fall Below $5?
TON price fell 3% in the past 24 hours, with the price currently trading below $5.20. The 24-hour low and high are $5.12 and $5.39, respectively. Furthermore, the trading volume has decreased by 5% in the last 24 hours, indicating a decline in interest among traders.
Toncoin price is trading below also trading below 200-DMA (blue) after the price dropped below 50-DMA and 100-DMA recently. The major support is near the $5 psychological level if the $5.1 support level breaks in the coming days.
The price needs to rebound above $5.5 to set a recovery path as TON blockchain by Telegram processed over 46 million transactions last week, as per IntoTheBlock data.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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