Government officials are closely monitoring the company Telegram. Following the arrest of the Chief Executive Officer of Telegram Pavel Durov on August 24. The police had arrested Durov at the airport in Le Bourget, west of Paris, on the basis of money laundering, terrorism, and trafficking charges. His arrest has made the organisation anxious and has brought a bad name to the already operationally and financially troubled company.
Telegram’s financial health reveals a complex picture. In 2023, it posted an operating loss of 108 million dollars, while revenue was 342.5 million dollars. Surprisingly enough, about 40% of that revenue was obtained through digital asset-related activities, including the “integrated wallet” and sales of collectibles.
This highlights the company’s involvement in the crypto sector. Telegram reportedly held $400 million in digital assets by the end of 2023, underlining its strategic focus on this market.
Moreover, Telegram’s digital asset strategy has been both proactive and cautious. The company sold a substantial portion of its Toncoin (TON) holdings, amounting to $243.5 million, before a price drop.
This strategic move likely mitigated potential losses from Toncoin’s recent volatility, as its price fell more than 21% following Durov’s arrest. Despite this, market indicators suggest a possible rebound for Toncoin, with traders viewing the price dip as a buying opportunity.
Furthermore, Telegram’s operating costs—which will surpass $450 million in 2023—complicate the company’s position in the cryptocurrency industry. Even though the corporation raised nearly $2.3 billion in convertible bonds from well-known investors, its financial health is still in doubt. Although Durov had previously estimated the company’s valuation to be over $30 billion, these figures cast doubt on the sustainability of that estimate.
Read CRYPTONEWSLAND onTelegram’s resiliency is seen in its careful management of digital assets and its dedication to user privacy. Despite the ongoing difficulties, the company’s substantial involvement in cryptocurrency activities places it as a major participant in the industry.
Although the community is feeling more upbeat following Durov’s recent release, it is still unclear how this will affect Telegram’s operations in the long run and its reputation in the cryptocurrency.
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