DWF Labs Acquires $500K Worth of Toncoin in Support of Detained Telegram CEO

Andrei Grachev, managing partner of Web3 market maker DWF Labs, has purchased $500,000 worth of Toncoin to express support for Telegram founder Pavel Durov, who was recently detained in France. Grachev announced his decision on X (formerly Twitter). He stated that this was his way of showing solidarity with Durov during this challenging time.

Grachev joins other influential personalities in the crypto fraternity that has been supporting Durov’s release through the hashtag #FreePavel. As for Grachev’s words during the broadcast, he stressed that purchasing Toncoin is a vote in favor of the TON ecosystem and support of decentralized and censorship-resistant technology.

It is important to outline that Grachev bought the company’s shares before the loss of 20% of its value after the news of Durov’s arrest. The token hit rock bottom at $5.249 due to the panic sell-off that saw 24-hour trading volume of increase by 892% to $2.48 billion. However, since this point the asset has improved and the stock is at $5.864, mainly attributed to moves such as acquisitions.

Crypto Community Rallies Behind Durov, Calls Arrest an Attack on Free Speech

The crypto community has backed Durov with people arguing that his arrest was a way of trying to pressure him into agreeing to censor Telegram on behalf of the government. Many voices also, including the representative of the popular Telegram game Hamster Kombat, have demanded the release of Durov citing the attack on freedom of speech.

The TON Blockchain itself has come out with a statement in support of Durov where they reiterated their stances on decentralization and the freedom of speech. The network insisted that all their services are up and running amid the situation, calling on the community to stay strong.

Overall, the crypto community has been rather supportive of Durov in his pursuit of freedom within the internet space. However, some have raised concerns over the decentralization of TON, noting that several big holders hold most of the tokens.

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