An investigation in South Korea against encrypted messaging app Telegram is in the spotlight, and it could cause the price of The Open Network’s (TON) native coin to lose support at $5.
Although this Blockchain network is decentralized, it has a close relationship with the aforementioned messaging application. For example, its user base comes mainly from Telegram, which is becoming the global epicenter of Web3.
TON price in trouble since Durov’s arrest
A few weeks ago, while the rest of the major digital currencies were in a downward trend, TON was enjoying a striking rally. This rise of the token has been unstoppable since last year. Thus, in a short time it managed to position itself within the world top 10 in market capitalization.
In its bull run, the coin left long-established giants like Tron’s TRX behind. By June 14, the coin managed to set its most recent all-time high at $8.18 per token. Even though the price dropped as a result of selling pressure and volatility in the market, it remained close to $7 per token.
The massive rush of tap-to-earn games became a remarkably favorable factor for the token and the entire TON ecosystem. However, the reality changed completely last month with the arrest of Telegram CEO Pavel Durov in France.
Although the businessman was released, the currency did not recover from the crash that resulted from this event. In fact, the price of TON could continue to lose ground as the magnifying glass of authorities in several countries focuses their attention on Telegram. At the time of writing this note, the price of the currency is $5.21 dollars per token, according to CoinMarketCap. Meanwhile, its performance in 24 hours is -2.82% and -22% in one month.
TON price could lose the $5 barrier per token. Source: CoinMarketCap
Research in South Korea
In the case of South Korea, authorities are launching an investigation against Telegram. The reason would be to determine the spread of sexual content based on deepfakes on that application. According to Reuters, although the authorities of the Asian country have not yet commented, the investigation would already be a fact.
According to local media, cited by Reuters, fake sex videos targeting South Korean women have been on the rise in recent months. According to reports, most of the content is distributed via the Telegram app. The video scandal has reached such a point that authorities from the cybercrime office have launched an investigation.
In this regard, on Monday, National Policy Agency Commissioner Cho Ji-ho said that they were considering possible investigations. In his remarks, Cho said that some secure messaging apps could be prosecuted for complicity in these crimes.
For several weeks, the authorities have announced a crusade against the proliferation of deepfake sex videos. This coincided with Durov’s arrest by the French authorities.
If this investigation establishes Telegram’s complicity in these crimes, the storm could be even greater for TON. Other governments would proceed in the same way, which would put this app in check.
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