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Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark

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Toncoin has been on a remarkable, bullish streak over the past week, making significant gains of approximately 35% in its price, as depicted in the weekly chart. Starting at $1.62 on September 11, it reached an impressive high of $2.52 on September 16, 2023. This surge has propelled Toncoin to the 9th position on CoinMarketCap, with a market valuation of $7 billion.

Source: Coinmarketcap

The bullish trend gripping TON began on September 11, trading at $1.62. In just a week, the coin soared to a high of $2.52 on September 16, signifying a substantial 35% price increase. At the time of writing, the coin is trading at $2.30, displaying resilience despite the volatile nature of the cryptocurrency market.

One of the key drivers behind its remarkable ascent is its impressive trading volume. Over the past 24 hours alone, Toncoin recorded a trading volume of $53 million, significantly surpassing its 20-day average volume. This surge in trading activity suggests heightened interest and momentum surrounding TON.

In the larger context, TON has exhibited an impressive 75.01% increase in value over the last 30 days, solidifying its position as a prominent player in the cryptocurrency market. While established tokens remain relatively stable, the coin’s rapid price appreciation showcases its potential to challenge more renowned counterparts.

Source: Coinmarketcap

Looking ahead, the major resistance level at $3 stands as the next significant milestone for Toncoin. If the current momentum persists, Toncoin could breach this crucial threshold in the coming days, further cementing its status as a cryptocurrency to watch.

Toncoin Stands Out Amid A Predominantly Bearish Market Sentiment

Despite a prevailing bearish sentiment in the overall market, Toncoin’s ability to shine amidst the broader consolidation is noteworthy. Investors are closely monitoring Toncoin’s performance as it continues to defy market trends.

Significant developments within the project complement Toncoin’s recent surge. The popular messaging app Telegram recently unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Additionally, at the TOKEN2049 event in Singapore, Steve Yun, President of TON Foundation, and John Hyman, CIO at Telegram, presented an ambitious plan to propel Web3 technologies into mainstream adoption. 

Emphasizing the need for seamless user experiences and improved distribution methods, the duo underscored the importance of making blockchain technology “invisible” to users, aligning with the principles of successful consumer tech products.

Related Reading | Bitcoin Could Reach $27,400 Soon, Says Whale Analysis

Telegram’s Crypto Wallet Signals New Era for Web3 on TON

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In a significant move towards embracing the world of Web3, the popular messaging app Telegram has unveiled its long-anticipated crypto wallet. This unveiling took place during the Token2049 event in Singapore, marking a milestone in the company’s journey towards creating a comprehensive Web3 ecosystem. What’s more, the social messaging application has chosen the TON blockchain network as its platform of choice for this new venture, a decision that has already had a substantial impact on the TON token’s value, causing it to surge by nearly 7%.

This exciting development means that the app’s 800 million users worldwide can now access a fully integrated crypto wallet, built on the robust and secure foundation of the TON blockchain. This integration has not only expanded the app’s utility but also boosted the TON coin’s attractiveness to investors and crypto enthusiasts.

Source: TradingView

The TON Foundation has outlined its commitment to support projects developed on its blockchain network by offering them priority access to the app’s advertising platform, Telegram Ads. This symbiotic relationship between the messaging giant and the TON blockchain network promises to create new avenues for innovation in the crypto space.

While the TON wallet feature is already available in the app’s settings, the global rollout is scheduled to commence in November of this year. It’s worth noting that the rollout will exclude the United States and a few other countries due to regulatory considerations.

Telegram’s SEC Lawsuit and Settlement

Telegram’s journey towards integrating a TON-based crypto wallet was initially set in motion back in 2019. However, the process hit a roadblock in 2020 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram. The SEC alleged that the app’s $1.7 billion initial coin offering (ICO) constituted unregistered securities. Ultimately, Telegram reached a settlement with the SEC, agreeing to pay an $18.5 million fine and return any unspent funds to investors.

Now, with this renewed partnership between Telegram and the TON Foundation, both parties are aiming to build a robust Web3 infrastructure within the messaging platform. The creators of this initiative have set their sights on resolving onboarding issues and creating a user-friendly gateway to the world of cryptocurrencies for all Telegram users.

As the crypto world continues to evolve, Telegram’s bold move into the blockchain arena is poised to accelerate the adoption of digital assets and further solidify the company’s position as a pioneering force in the world of technology and communication. With the integration of the TON-based crypto wallet, the stage is set for a promising future for Web3 on Telegram’s platform.

Toncoin (TON) 27% Weekly Price Surge Signals A Shift In Market Sentiment

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Toncoin has taken center stage as it emerges as the weekly gainer, boasting a remarkable 27% surge in price, reaching a resistance level at $1.92. The cryptocurrency market witnessed this dramatic shift on Sep 1st, when Toncoin’s price managed to break free from the clutches of a long-standing resistance trendline that had been suppressing its value for a staggering eight months, hovering around the $1.95 threshold. 

This breakout marks a significant milestone, signaling a potential shift in market sentiment from selling during rallies to embracing the strategy of buying during price dips.

Source: coinmarketcap

Amidst TON’s impressive ascent, the spotlight has once again turned towards Telegram-bot tokens, reigniting interest in the close association between the TON Network and the messaging behemoth, Telegram. 

This newfound attention has resulted in a substantial surge in TON’s value, all while the broader cryptocurrency market grapples with its characteristic volatility.

TON has rapidly become the talk of the crypto world, with its meteoric rise drawing attention to Telegram-bot tokens, bringing to light the historical ties between the TON Network and the pioneering instant messaging platform, Telegram. 

The crypto community has long admired Telegram for its innovative forays into blockchain technology. Toncoin’s origins trace back to the “Telegram Open Network” (TON) project, which, after facing legal obstacles, underwent a rebranding in 2020 as “The Open Network.”

In recent months, TON has witnessed a notable surge in investor interest, evident from on-chain data and the Santiment TON Social Dominance chart, which recorded a significant spike in June 2023. Its heightened attention has played a pivotal role in driving TON’s price upwards.

Source: santiment

Toncoin (TON) Price Prediction

While the crypto market continues to be volatile and unpredictable, recent Toncoin price forecasts are optimistic. Analysts predict an 11.92% increase in value, with Toncoin expected to reach $2.09 by Sep 5th, 2023. 

Technical indicators point to an 81% bullish sentiment surrounding Toncoin, while the Fear & Greed Index currently registers a score of 40, indicating a cautious “fear” sentiment among investors.

Toncoin’s recent performance and its association with Telegram have certainly captured the crypto community’s attention. Well, all eyes remain on Toncoin, eager to witness whether this bullish momentum can be sustained in the coming weeks and months.

Related Reading | Solana Sparks Unity: Crypto Leaders Advocate Collaboration For Brighter Future

FTX: Telegram Set Sights On A Decentralized Roadmap

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Since the FTX blowout, many centralized industry players have scrambled to find solutions that would restore customers’ trust badly shaken by the events. One such is the leading cloud-based instant messaging app Telegram.

CEO Pavel Durov via telegram channel announced that they would soon embark on building “non-custodial wallets” and “decentralized exchanges,” allowing millions of users safely trade their crypto.

The blockchain industry was built on the promise of decentralization, but ended up being concentrated in the hands of a few who began to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt.

According to Durov, the solution for blockchain-based projects is to return to its decentralized roots. Users of cryptocurrencies should move to self-hosted wallets and transactions that are not trusted by any single third party.

Durov highlighted its brand new decentralized project called Fragment built on The Open Network, or TON which he claimed took only 5 weeks and 5 people to put together.

Telegram’s Fragment grants people complete ownership of respective usernames. Durov claimed that the platform’s launch was a success with $50 million worth of usernames sold there in less than a month.

In the coming weeks, Fragment will expand beyond usernames, he added.

The next stage for Telegram is to create a collection of decentralized tools that will enable millions of individuals to securely trade and store cryptocurrencies. These tools will include non-custodial wallets and decentralized exchanges.

“This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” the CEO stated.

The collapse of the now-bankrupt cryptocurrency exchange FTX has shone the spotlight on many centralized platforms. The SBF-led exchange was found to be using customer-deposited crypto assets to mitigate its own business losses.

FTX Fiasco Has Driven Users To Opt For Decentralized Alternatives

The revelation of the unethical practices has triggered panic among investors who are already losing trust in these centralized trading firms.

Following the FTX debacle, exchange outflows tapped all-time highs of 106,000 BTC each month, and the lack of confidence in centralized exchanges [CEXs] has driven investors into self-custody and decentralized finance [DeFi] platforms.

On November 11, the day FTX filed for bankruptcy, Uniswap, one of the biggest decentralized exchanges in the ecosystem, recorded a considerable increase in trading volume.

Here’s How An Anonymous User’s Claim of Telegram Exploit Was Nullified

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According to Telegram, the anonymous account’s allegations are “baseless” and meant to “get users to download malware.” 

An unknown person attracted the attention of the crypto community this week by claiming to disclose the wrongdoings of notable crypto influencers and top projects in the sector.

The putative whistleblower, who goes by the Twitter handle “Adyingnobody,” has threatened to “tear a wedge in the entire community” by revealing Telegram chats obtained through a previously unknown flaw in the messaging program. They claimed to have evidence of everything from frauds and rug pulls to murder, theft, and sexual assault in a thread.

The whistleblower thanked Telegram for the exploit

Because of the gravity of the allegations, the anonymous person attracted the attention of the crypto Twitter community, moving from zero to 38,000 followers in a matter of hours.

The Ethereum wallet address shown in the person’s Twitter bio has also received 43 transactions, which could be tips from others who want a sneak peek at what they’re planning to reveal.

Regardless of the claims, worried members of the community turned to Twitter to urge people to exercise caution and vigilance while dealing with the supposed whistleblower. If we ignore their spectacular claims, the bottom link simply “download a zip file” and “sign a contract,” according to Twitter user Kapluie.

This is a “hacky sounding item,” according to the Twitter user, who advises against downloading it. While it’s possible that the claims are accurate, Twitter user Cryptonator1337 cautioned that anyone downloading files from the anonymous account should be cautious. 

Apart from the two, Twitter user Zugged pointed out that Adyingnobody’s claims were false, calling the deed a “publicity stunt.” Zugged sent a link to a list of Telegram’s flaws, emphasizing that none of them are equivalent to what Adyingnobody claims to have exploited.

The claims were publicly responded to by Telegram. The conduct could be an attempt to “get consumers to download malware.”

Telegram Rolls Out Crypto Payments via Toncoin (Ton)

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Telegram, a famous instant messaging service, has now included crypto payment capability, according to the Ton (Telegram Open Network) Foundation. The Ton token may be used to make crypto payments on Telegram.

Thanks to the crypto payment option, the messaging platform’s 550 million users have now been exposed to blockchain technology and cryptocurrency.

Users must first download and install Telegram’s official Wallet bot in order to utilize the crypto payment function, which allows them to buy cryptocurrencies with a bank card, trade them, and send them to other wallets.

Now send crypto via Telegram

According to the firm, users may send Bitcoin (BTC) or Toncoin to other users by clicking on the “Wallet” sign-in direct messaging.

The TON Foundation claims that the goal is to make transmitting Toncoin seems like sending a text message. The bot has already been used by 800,000 accounts, according to the business.

“We expect this functionality to expand into consumer-to-business payments, allowing users to quickly purchase products and services by sending toncoin using the bots.”

According to the foundation

According to the announcement, users will no longer have to input long wallet addresses or wait for confirmations.

The social media behemoth Twitter has a similar option, allowing users to tip with cryptocurrency. It does, however, rely on third-party payment providers like Jack Mallers’ Strike app.

According to the TON Foundation’s website, the Toncoin platform has processed over 52 million transactions and has over 486,000 wallets.

When the US Securities and Exchange Commission (SEC) halted Telegram’s $1.7 billion token issuances for an initial coin offering (ICO), the Toncoin token was created (ICO).

Telegram abandoned the TON crypto project in August 2020 after being sued by the US Securities and Exchange Commission (SEC).

However, the corporation has now overcome its obstacles and is able to keep its commitment. The group just collected $1 billion in TON from its users to promote its ecosystem.

Telegram Open Network was developed in 2017 with a proof-of-stake mechanism to enable decentralized services such as decentralized storage, anonymous networks, DNS, rapid payments, etc.

CityUptake and Community Take on Telegram Scammer as Ecosystem Shows its Mettle

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Scams, Ponzi schemes, and exits are a persistent crypto problem that often leaves victims angry but without recourse. Occasionally, a group effort on the part of the cooperating parties will strike back at the scammer and get back what was lost.

The origin of the scam

Telegram is a haven of activity for tokens on the TRON network and deals are often made between trusted parties. While tools have been built to conduct trustless trades, some still prefer to simply send and receive their own wallets. Unfortunately, this may result in scammers assuming usernames that resemble trusted users. One such incident occurred a few weeks back when a scammer impersonated a CityUptake official and had almost 40,000 CITY Alphatokens (~$1,100 USD). Subsequently, the assets were later recovered through a well laid-out plan by company officials and cooperation from a valuable community.

According to CityUptake, it took more than 24 hours and the efforts of four separate people to recover the stolen funds. The issue began when Michael, the CityUptake user, was approached by a scammer who impersonated Rob’s name, an actual CityUptake agent. Michael, being unaware of the deception and the change in the username, forwarded his requirements to the ‘agent.’ Michael was actually wanting to sell some of his CITY Alpha tokens in return for the corresponding amount of TRX tokens.

Retrieving the Funds

The CityUptake Alpha tokens are valuable in the CU community because of its relevance to the changing price climate. The Alpha tokens allow the holder to receive passive gains from a USD-based trade desk which provides a stable platform for dealing with crypto assets.  It was only after the transfer that Michael realized that he was taken for a ride by the scammer. 

Once Michael reported the scam to the CityUptake fold, the company jumped right on board to help recover the funds. Since the scammer’s wallet address was known, it was only logical to track it for any suspicious transfers pertaining to the stolen amount. The wallet was doubly verified when the wallet holder posted a sell order for 40,000 CITY Alpha(the exact amount that was stolen). Following this, the team proceeded with executing a plan to recover the funds. 

The first step was to contact IAmGroot, the administrator for the TRON Collectors trade channel. Once he was filled in with what had occurred, IAmGroot and Micaletol worked together to set up a simulated trade to reel in the scammer. During the trade it was spotted that the scammer’s wallet had moved 10,000 CITY Alpha tokens plus an additional 30,000 CITY Alpha tokens to the address TDQTg5Qx37djroUTBN1reZ5b2vF4Ywe7ae. IAmGroot and Michael scoured through the blockchain to find more pseudonyms used by the scammer and discovered that the wallet in question had conducted similar transactions earlier. 

Once the trade simulation was completed, IAmGroot and Micaleto were successfully able to retrieve the funds and call the scammer out on a public forum. Michael even stated:

“Today is a great day and also a big surprise !!! Last week I was scammed over 40k city and today MicaLETO, Groot4Rocket hangel72 and rudytwo bring it back in a fantastic cooperation and unbelievable collaboration. Big THANKS to this honorable and honest guys, who make that success against scam possible!!!!I’m proud and happy to be a member of CityUptake and TRONCollector under such super together working people!! who fight against this fki.. scammers with great success.”

Such a collective effort is something that sets the CityUptake community apart from the rest of its compatriots. This cohesion and spirit of working together are just one of several factors that make CityUptake and its ecosystem a tight–knit community.

Telegram and SEC Courtroom Tale Ends with $1.2 Billion Settlement

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Federal judge Kevin Castel signed the final ruling in the Telegram and SEC courtroom tale on June 26. The last court ruling by the New York Southern District Court ordered Telegram to reimburse investors up to $1.2 billion after the Telegram Open Network ICO collapsed.

The United States court approved the final judgment of a lengthy court battle between the Securities and Exchanges Commission and Telegram yesterday. The protracted court battle began when the SEC ordered Telegram to cease distributing its imminent GRAM tokens to the investors.

In a statement regarding the conclusion of the case, the SEC said:

“New and innovative businesses are welcome to participate in our capital markets; but they cannot violate the registration requirements of the federal securities laws.”

SEC demands fines in millions of dollars

In a judgment proposal by the securities regulator on June 25, the authority requested the federal Court to demand fines in millions of dollars from the several defendants connected with the lawsuit. 

Moreover, Telegram accepted to repay $1.2 billion to TON investors and penalties to the Securities and Exchange Commission. Of the total amount, $1.19 billion represents the amount paid by the defendants as ending total; the initial contract agreement to refund investors.

Telegram and SEC courtroom tale awaiting penal settlements

On the other hand, Telegram is inclined to pay $18.5 million in civil penalties. According to the SEC, the penal fees should be settled within thirty days after the approval of the judgment proposal. As per the consent reached on June 11, Telegram has agreed to pay the $18.5 million. The agreement, approved by the court, finally puts the Telegram and SEC courtroom tale to an end after a long period.

In conclusion, if Telegram fails to settle the amount in thirty days after court approval, the SEC may implement the Court’s ruling for disgorgement and civil penalty by going for civil contempt. 

Chinese TON Community to Roll Out Telegram’s Ditched Cryptocurrency Project

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The Chinese TON (Telegram Open Network) community group is among a number of community-led actions to roll out the rejected Telegram Open Network. In an announcement made on May 29, the Chinese TON group announced that it would launch its own network, less than a month after Telegram had been forced to ditch its blockchain project.

Telegram has been developing the ditched TON project since 2018. The CEO and co-founder of Telegram, Pavel Durov, envisaged the Telegram Open Network as a way of sending digital currency to its 400 million Telegram messenger users.

The ambitious blockchain was set to be launched back in October 2019, but the date was postponed due to the pending SEC lawsuit that criminalized Telegram’s $1.7 billion ICO. Eventually, the case turned out to be the end of the TON blockchain project after a few months in court. Telegram had no choice but to abandon the entire project together. And to refund their money back to the investors.

Chinese TON community trying to keep TON project alive

The Chinese TON community is among a number of communities aiming to continue with the TON blockchain project. In particular, there is Free Ton and New TON, two of whom want to set the Telegram Open Network going, using the open-source code availed by Telegram.

According to Mitja Goroshevsky, the co-founder of TON Labs and an ex-developer of the ditched TON project, he does not feel intimidated by the Chinese TON community. He said that the success of a community-led TON project “will and should be merit-based.” He added that there are only benefits to be gained.

Nevertheless, the Chinese led group might want to pass-on, as Free TON was rolled out back on May 7. Additionally, the TON Labs founder anticipates the entire network to launch in over a month, with cryptocurrency exchange platforms already revealing their interest in the native token, TON Crystals.

Telegram TON Blockchain Project Shut Down Following Court Order

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The widely anticipated blockchain project Telegram TON has been shut down following problems with its native GRAM token. Two years ago Telegram raised $1.7 billion in an initial coin offering ( ICO).

Telegram ‘s blockchain project was stopped after the Securities and Exchange Commission (SEC) sued the firm for claiming that GRAM was a safe. This aftermath of Telegram ‘s long court battle with the SEC is an example of U.S. government influence over global markets, and the need for decentralization.

End of road for Telegram TON blockchain project

The Telegram Open Network (TON) project by the messaging company was eventually closed. Telegram CEO Pavel Durov issued a statement stating that the project had indeed been halted. He has warned the public to ignore any other scheme that TON appears to be promoting.

In addition, the CEO thinks the U.S. government’s decision to disband Telegram TON blockchain initiative doesn’t add up. Yet the communications giants have no choice but to abide by the order. The prestige and role of the country as global leaders in financial matters and technology, gives it the power over such industries. Durov wrote this:

“Sadly, the U.S. judge is right about one thing: we, the people outside the U.S., can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology.”

Telegram offers TON investors with solution

Recently, in the exchange for equity, the messaging firm presented TON investors with the ability to advance their funds to the company. Yet the U.S. investors soon overruled this tool. As a result, all GRAM investors were removed from this bid. Investors will be reimbursed with just 72 per cent of their initial investment, as per the earlier agreement.

When a company develops a blockchain network, the company is at risk of being called to court. The court or regulators will call for dissolution of the entity; because there is a consistent set-up for how the company is run. The new case of Telegram TON blockchain project being forced to shut down is a perfect example of that.

In contrast, blockchain networks such as the Bitcoin Network and Ethereum Network are run or controlled by any definite organization. If regulators or the court wanted to summon either network, they would not have anywhere to address them, since there is no central authority that controls them; the beauty of decentralization.