Toncoin falls 7% as Elon Musk refutes Telegram founder’s claims of a $300 million xAI partnership
Toncoin, the cryptocurrency associated with the application of the correspondence in Dubai, fell 7 % on Thursday after the Elon Musk Technical billionaire denied news of a 300 million dollar partnership between Telegram and Xai, which is led by MUSK.
Toncoin jumped by 21 %, from $ 3.01 to $ 3.65, on Wednesday after the CEO of Telegram Pavel Durov announced that he and Moses reached an agreement to integrate Chatbot Grok from XAI on the message platform.
“This summer, Telegram users will be able to reach the best artificial intelligence technologies in the market,” Dorov wrote on X.
According to Durov, Telegram will receive $ 300 million in cash and property rights from Xai, and the messaging platform will remain 50 % of revenues from Xai subscriptions sold on Telegram.
However, the details of the partnership soon became a question as it contradicts Dorov’s allegations, and she wrote on X that “no deal has been signed.” Dorov quickly responded to Moussa, saying that although it is correct that the deal has not been signed yet, it was agreed upon “in principle.”
“The formalities are suspended,” Dorov wrote.
Telegram’s fans did not like exchange, as one X user wrote: “Agreed into principles does not mean anything.” Another user wrote, “Well, the deal has been blown up.” After the peak at $ 3.65, Toncoin fell to $ 3.26 on Thursday, losing 11 % a little before recovery.
Toncoin is the original symbol on the open network, or ton. Ton is Blockchain that works as a separate entity from Telegram, but it is still linked to the application, allowing users of the correspondence platform of 1 billion users to pay the price of games, ads and other decentralized applications.
The proposed deal news comes at a time when Dorov announced on Telegram on Thursday that the company raised 1.7 billion dollars of convertible bonds. Part of the funds will go to pay 955 million dollars from the company’s current debts, scheduled for 2026, according to what it said. Bloomberg.
Earlier this year, Toncoin increased by 24 % after allowing Durov to return to Depay after preventing him from leaving France amid a continuous investigation. Dorov was arrested by the French authorities in August on suspicion that the telegram was inciting the distribution of sexual assault materials to children, drug trafficking and other criminal activities by users.
Dorov denied these allegations and maintained his innocence, and wrote in March, “When it comes to moderation, cooperation and anti -crime, for years not only met a telegram but exceeded its legal obligations.” Telegram itself also refuted the allegations as responsible for the illegal activity, and writing on X following the arrest of Dorov: “It is absurd that the platform or its owner is responsible for the misuse of this platform.”
This story was originally shown on Fortune.com
2025-05-29 17:05:00
