Messaging app WhatsApp crashed around 10:00 today. Millions of people turned to Telegram during its nearly two-hour offline period. Meanwhile, an altcoin project linked to Telegram found the opportunity to rally.
Telegram-linked altcoin rally as WhatsApp crashes
WhatsApp was down today for millions of users unable to send or receive messages. The popular instant communication app, owned by Meta and used by many for instant messaging, went offline for almost two hours earlier today. Millions around the world could not communicate via WhatsApp.
While the world was complaining about the WhatsApp crash, some cryptocurrency investors were quite happy about it. Toncoin (TON), a cryptocurrency linked to its biggest alternative Telegram, grew by almost 10% during the WhatsApp crash.
Toncoin (TON) and Telegram link
TON and Telegram are mutually exclusive friends. Telegram founder Pavel Durov is also one of the financiers of TON Blockchain. Also, the Telegram app has integrated TON’s cryptocurrency wallet into its platform. Durov has now shared Telegram’s intention to launch an auction for usernames first in August. TON was developed by Telegram along with the messaging app. However, they separated in August 2020 after a lawsuit from the US Securities and Exchange Commission (SEC). The developers of the ecosystem later formed the TON Foundation to keep the project alive. It is also supported by Durov.
According to TON’s official website, the number of transactions on Blockchain has reached 85.2 million with 1.4 million addresses and 232 validators.
Telegram accepts Toncoin payments
Telegram CEO Pavel Durov still cares about Telegram Open Network (TON) technology, even though he officially abandoned the project last year. In this context, they formed a partnership with the last Donate. Also, Telegram announced that users will soon be able to donate and pay in Toncoin. At the same time, channel managers will be able to collect their income in cryptocurrency.
TON, a blockchain, is signed by brothers Nikolai and Pavel Durov. However, the app decided to withdraw from TON Blockchain in 2020 after a long battle with the SEC. The SEC won a lawsuit accusing Telegram of violating US securities laws, which announced its $1.7 billion initial coin offering in 2018.
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