Original title: These three crypto VCs say they're sticking with TON as Telegram arrest tanks token

Original author: Ben Weiss, DL News

Original translation: Lila, BlockBeats

Despite the sharp drop in TON's price in recent days, some cryptocurrency venture capital firms say they will not give up on the world's tenth largest cryptocurrency.

Recently, French authorities arrested Telegram CEO Pavel Durov. Because TON is inextricably linked to Telegram, TON's price has fallen by nearly 15% in the past seven days, temporarily reporting $5.58 as of press time.

Even so, CoinFund's managing partner Alex Felix does not regret his venture capital firm's investment in TON. He said, "TON's fundamentals remain attractive."

The huge amount of attention will have a positive effect

Matthew Graham, founder and CEO of Ryze Labs, another venture capital firm that invested in TON, has similar thoughts. "While the news of Pavel's arrest is significant, it is also worth noting that this week TON's accounts exceeded the 50 million mark for the first time."

Joven Wu, head of business development at Ryze Labs, said in a recent blog that Durov's arrest could be a "good thing" for cryptocurrencies. "This controversy has greatly increased TON's visibility, which may attract more users and developers to join the ecosystem," he wrote.

TON is not Telegram

All three cryptocurrency venture capital firms interviewed stressed that the Telegram app should not be confused with TON. In 2020, TON was nominally separated from Telegram after reaching a settlement with the U.S. Securities and Exchange Commission.

"It is important to note that the government's concerns seem to be more about regional compliance issues related to traditional technology companies, such as content moderation, rather than the crypto platforms themselves," Felix said of Durov's arrest.

Shauli Rejwan, managing partner of Masterkey VC and an early investor in TON, believes that despite the news of Durov's arrest, the token may completely get rid of its association with Telegram in the future. He believes: "History has shown that strong projects can transcend their initial associations, and TON's current development trajectory shows that it has the potential to do so."

In addition, according to the BBC, a French prosecutor said on Wednesday that Durov is under formal investigation and is prohibited from leaving the country. He must report to the police twice a week and his bail is $5.5 million.

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