Toncoin, a $14 billion cryptocurrency alternative to bitcoin, plummeted roughly 20%.

After Pavel Durov, the CEO of Telegram, was detained in France, the toncoin price crashed.

A preliminary police inquiry led to Durov's arrest at Le Bourget Airport after his private plane arrival, according to local media.

According to unidentified sources, Telegram's inability to prohibit illicit activities on the messaging service might lead to Durov's indictment on Sunday.

The Open Network blockchain, formerly Telegram Open Network, powered Toncoin, an open-source cryptocurrency released in 2021.

Since then, the toncoin price has risen roughly 1,000%, rising this year alongside bitcoin as Telegram-based crypto mini-games gain popularity and subscribers.

After the SEC labeled Telegram's $1.7 billion initial coin offering (ICO) campaign an unregistered securities sale in 2020 and forced it to refund the money, the toncoin, gram, was never issued.

After then, the non-profit TON Foundation developed the blockchain and toncoin cryptocurrency.

When Telegram said farewell to TON last year, I hoped future developers will continue our goal of a mass-market blockchain platform "Durov remarked in his public Telegram channel in 2021.

"So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin," the article said. "Toncoin is independent from Telegram."