Telegram Under Investigation in South Korea as Toncoin Risks Falling Below $5

• Telegram, a popular encrypted messaging platform, is currently facing scrutiny from South Korean law enforcement in light of recent allegations.
• This investigation follows a global trend, highlighting concerns over deepfake content and its potential misuse in online harassment.
• Local authorities are collaborating with international agencies, signaling a unified approach to combatting cybercrimes involving digital impersonation.

In this article, we explore Telegram’s current legal challenges in South Korea and their implications for the Toncoin market, alongside insights on trading trends and future projections.

Telegram Under Investigation for Deepfake Crimes

As authorities ramp up their efforts to tackle online sexual exploitation, Telegram finds itself at the center of a growing investigation in South Korea. According to a recent report from Reuters dated September 2, the South Korean police have initiated a preliminary investigation into claims that Telegram has been used to facilitate the distribution of deepfake pornography. This follows public outcry surrounding the proliferation of such content on the platform, particularly targeted at South Korean women.

Collaboration with International Agencies

The South Korean Cyber Investigation Bureau has opened its inquiry amidst social pressures and heightened awareness regarding the dangers of deepfake technology. Woo Jong-soo, head of the National Office of Investigation, stated, “As seen in France, our police have begun internal investigations of the Telegram corporate structure as an initial step.” This approach reflects a collaborative effort, with South Korean officials planning to work with their counterparts in Europe and Southeast Asia to formulate effective strategies against these emerging threats.

The Impact on Toncoin Pricing

In the wake of the ongoing investigations, Toncoin, the native cryptocurrency associated with Telegram, has seen a notable decline in its trading value. Currently, Toncoin is trading at approximately $5.20, having dropped 3% over the past 24 hours. Market analysts have indicated that if Toncoin does not swiftly rebound above the critical $5.5 threshold, it risks falling below a significant support level of $5, triggering further selling pressure among investors.

Technical Analysis and Market Sentiment

Market optimism around Toncoin’s potential is waning, as recent trading patterns suggest a bearish outlook. The cryptocurrency is consistently trading below its 200-day moving average, after simultaneously breaking through the 50- and 100-day moving averages. The most recent low recorded was $5.12, while the high stood at $5.39. A notable decline in trading volume by 5% over the last day exacerbates concerns about waning trader interest in Toncoin.

Conclusion

The scrutiny surrounding Telegram highlights significant challenges for both the platform and its affiliated cryptocurrency Toncoin. As investigations unfold, the implications for the future of Toncoin could be substantial. Investors must remain vigilant and informed, monitoring both the regulatory environment and market trends, to navigate the potential volatility in the cryptocurrency landscape.