DWF Labs Supports Pavel Durov by Buying 500$ Toncoin

Bittime – Andrei Grachev, managing partner of Web3 market maker DWF Labs, has purchased $500,000 worth of Toncoin to show support for Telegram CEO Pavel Durov.

In a post on X, Grachev described it as his small way of showing solidarity.

With this move, Grachev joins a growing list of people in the crypto community who have shown support and called for Durov's release since his detention in France last night.

Elon Musk even joined the call by posting the hashtag #FreePavel. To understand the full explanation, below is detailed information that you can read.

Acquisition of Grachev is a Sign of Confidence in TON

According to Grachev, he purchased the tokens on the open market and planned to hold onto the funds until Durov was finally released.

He described it as one way to support uncensored and decentralized technology and ensure the community stays together.

Grachev said, “We can't do too much, but I decided to support what I can, bought $500k in $TON on the open market and will hold it onchain until #FREEDUROV Not financial advice.”

Grachev's acquisition of TON could not have come at a better time, considering the performance of the TON token in the last 24 hours.

Data from CoinMarketCap shows that TON fell more than 20%, hitting a low of $5,249 after news of the arrest broke.

This decline was largely due to market panic selling, as the token's 24-hour trading volume increased by 892% to 2.48 billion.

However, the assets are slowly recovering, possibly due to acquisitions such as Grachev. It is currently trading at $5,864.

Read Also: Top 5 TRON Memecoins to Watch Out for in 2024

Crypto Community Shows Support for Telegram CEO

Meanwhile, many people in the crypto community are already calling for Durov's release. They described his arrest as an attempt by the government to bully him into letting the government censor Telegram.

Popular Telegram game Hamster Kombat joined the call for release, noting that this was an attack on free speech.

The project has asked its followers to fight for Telegram's founder, claiming that he has fought for users' rights to have private conversations online.

Unsurprisingly, many Telegram users have also joined in with the hashtags #FreePavel and #FreeDurov.

One user posted on X that Pavel's invention made him rich. This is likely due to Telegram's multiple tap-to-earn games and crypto integration.

Meanwhile, TON Blockchain also issued a statement supporting Durov, claiming that he is an advocate for free speech and decentralization. It added that the blockchain network remains fully operational.

Although everyone in the crypto community agrees the arrest was wrong, some users raised eyebrows at the claim that TON is decentralized and privacy-focused.

ClassicMain on X questioned this statement, noting that the network is centralized, with a few whales holding the majority of TON tokens.

Conclusion

Pavel Durov's achievement has sparked discussion and support from the crypto community. While many people support its release, some users have questioned TON's decentralization claims.

To fully assess TON's potential, it is important to consider various factors, including its level of decentralization, market performance, adoption, and competition.

Read Also: Telegram game DOGS vs Hamster Kombat: Which one makes money?

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

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