Telegram-Linked Crypto Token Sheds $2.7 Billion After CEO Held

A digital asset from a blockchain project linked to Telegram Messenger LLP has lost about $2.7 billion in market value, reflecting the uncertainty sparked by the detention of the messaging app’s co-founder.

Toncoin, the token of The Open Network, slid more than 20% after Pavel Durov was reportedly taken into custody at a Paris airport on Saturday on suspicion of failing to take steps to prevent criminal use of Telegram.

The 10th largest cryptoasset pared some of the drop to trade at $5.69 as of 10:36 a.m. Monday in Singapore but is still down 16% as a result of the unfolding drama over 39-year-old Durov, according to data complied by Bloomberg.