Telegram’s cryptocurrency, Toncoin, has seen a sharp drop, reaching almost zero value and currently only worth $0.3.
The reasons for this drop are currently unknown, but speculation is spreading online that it could be a technical glitch, as the price remains stable on some trading platforms.
Meanwhile, the Financial Times reports that Telegram’s hopes for a successful stock sale have been dashed by criminal charges against the company’s founder, Pavel Durov. The allegations caused significant financial losses among holders of Telegram bonds, which fell nearly 10 percentage points to around 87 cents on the dollar. This also caused the price of Toncoin to fall by almost 20%.
Experts warn that the allegations could negatively affect the willingness of advertisers to cooperate with the platform, which could create additional problems for Telegram, in particular during the planned stock listing.
According to Telegram’s 2023 financial statements, the company generated $342 million in revenue, but suffered an operating loss of $108 million. The company’s total after-tax loss was about $173 million.
Telegram is fully owned by Pavel Durov, who has significant assets in cryptocurrency. However, the company has raised about $2.4 billion in debt financing that matures in 2026. Among the investors are the state funds of Abu Dhabi, and Durov himself personally purchased Telegram bonds worth at least $64 million.
