Telegram’s crypto holdings increased threefold as compared to 2023

• The social media platform has gained a revenue of about $525 million starting from January 2024 to June 2024.
•  The platform has also gained compensation for permitting TON tokens to be the sole way businesses buy ads on the platform.
• After the co-founder of Telegram, Pavel Durov got arrested on August 24, the price of TON slipped 25% and the price stood at $5.24.

Telegram, the prominent social media platform, has gone from $400 million in December 2023 to $1.3 billion in the first half of 2024 in terms of the value of virtual assets held. Before this, the social media platform revealed that it holds around $400 million in virtual assets. 

The revenue gains

The report from the

Financial Times (FT) reveals that the financial statements of the company mirror that the crypto holdings have surged in value about three times. It further went on to say that the growth in holdings, profit from selling Toncoins, and a deal associated with The Open Network (TON) has given a bonus as the founder went through legal proceedings.

The social media platform has gained a revenue of about $525 million starting from January to June. The revenue has shown around 190% as compared to that of 2023. By selling crypto in the first six months of this year, Telegram has gained a significant amount of $353 million. 

The report also mentions that $225 million was gained from a deal with an unknown body. The platform has also gained compensation for permitting TON tokens to be the sole way businesses buy ads on the platform, and the deal existed till October 1. 

Why was the co-founder arrested? 

After the co-founder of Telegram, Pavel Durov got arrested on August 24, the price of TON slipped 25% and the price stood at $5.24. But after some time, the asset was recovered. Recently, on November 24, the asset attained a high of $6.32. 

The arrest of the co-founder was made on the basis of claims of violations by the encrypted messaging platform. French police arrested the co-founder and reportedly the arrest was done at the Le Bourget airport soon after he landed from his private jet. 

After the arrest, on August 28, the founder of the instant messaging app was charged with criminal offenses and was instructed not to leave France. He has also posted bail of $5.5 million before being free from jail. 

The instant messaging app has positioned itself in the top 5 most downloaded applications. Also, the monthly active users went over 950 million this year.