DWF Labs Buys $500,000 Worth of Toncoin to Support Telegram Founder

Andrei GRACHEV, 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 social media platform X, Grachev described it as a way to show solidarity. With this move, Grachev joins a growing list of people in the crypto community who have expressed support and called for Durov’s release since his arrest in France. Elon Musk has joined the call, posting the hashtag #FreePavel. According to Grachev, he bought the tokens on the open market and plans to keep the funds until Durov is finally released.

CoinMarketCap data shows TON has fallen more than 20%, hitting a low of $5,249, since news of the arrest broke. The drop was largely due to sell-offs amid 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. At the time of writing, the asset is trading at $5.54.

Meanwhile, many in the crypto community are already calling for Durov’s release. They describe his arrest as an attempt by the government to intimidate him into allowing the government to censor Telegram. Popular Telegram game Hamster Kombat has joined the call for Durov’s release, noting that it is an attack on free speech. The project has called on its followers to fight for the Telegram founder, arguing that he was fighting for the right of users to have private conversations online. The TON Blockchain team also issued a statement in support of Durov, stating that he is a supporter of free speech and decentralization. They noted that the blockchain network remains fully operational.

Image: CoinGecko