Andrei Grachev, the managing partner of Web3 market maker DWF Labs, has bought $500,000 worth of Toncoin to show support for Telegram founder Pavel Durov. In a post on X (formerly Twitter), Grachev described it as his little way of showing solidarity.
With the move, Grachev joins the growing list of people in the crypto community who have been showing support and calling for Durov’s release since his arrest in France last night. Elon Musk even joined the call by posting the #FreePavel hashtag.
Grachev acquisition is a show of confidence in TON
According to Grachev, he bought the tokens on the open market and plans to keep the funds until Durov is finally freed. He described it as one way he supports an uncensored and decentralized technology and ensures the community stays united.
He said:
“We cannot do too much, but I decided support what I could, bought ~500k$ in $TON on open market and will keep them onchain until #FREEDUROV Not financial advice.”
Grachev’s acquisition of TON could not have come at a better time, given the TON token’s performance in the last 24 hours. Data from CoinMarketCap shows that TON fell more than 20%, hitting a low of $5.249 after the news of the arrest broke.
Toncoin Price Performance (Source: Tradingview)
The drop was mostly due to selloffs based on market panic, as the token’s 24-hour trading volume increased by 892% to 2.48 billion. However, the asset is slowly recovering, likely due to acquisitions like Grachev’s. It is currently trading at $5.864.
Crypto community shows support for Telegram CEO
Meanwhile, many in the crypto community are already calling for Durov’s release. They describe his arrest as an attempt by the government to bully him into allowing the government to censor Telegram.
Popular Telegram game Hamster Kombat joined the call for release, noting that it is an attack on freedom of speech. The project has asked its followers to fight for the Telegram founder, claiming that he has been fighting for users’ right to have private conversations online. It said:
“Pavel Durov has been fighting for our rights of having private conversations online for years & years. It’s time we fight for him & Telegram. Let’s do it together, let’s make the world see.”
Unsurprisingly, many Telegram users have also joined the #FreePavel and #FreeDurov hashtags. One user posted on X that Pavel’s invention made him rich. This is likely because of Telegram’s multiple tap-to-earn games and crypto integrations.
Meanwhile, TON Blockchain also issued a statement supporting Durov, claiming that he is an advocate for freedom of speech and decentralization. It added that the blockchain network remains fully operational.
It said:
“The TON community remains focused on our mission, and we will continue our work to uphold these principles globally. We encourage everyone to stay calm, united, and to keep building as we navigate this situation together. Thank you for your continued support.”
Although everyone in the crypto community agrees the arrest is wrong, some users raised eyebrows at the claims that TON is decentralized and privacy-focused. ClassicMain on X questioned this assertion, noting that the network is centralized, with few whales holding most of the TON tokens.
