In September 2024, financial reports showed that Telegram had $400 million in digital assets by the end of 2023. The platform witnessed a growth in premium users from four million at the end of 2023 to over five million by mid-2024. Despite this increase, the company faced financial challenges, leading to an operating loss of $108 million for the year. A significant portion of Telegram’s revenue, amounting to $342.5 million, came from activities related to digital assets, including an integrated wallet feature and the sale of digital collectibles.
The integrated wallet feature allows users to store, send, receive, and trade various cryptocurrencies within the app, contributing to Telegram’s substantial digital asset holdings. The sale of digital collectibles, such as usernames and virtual phone numbers, also played a role in bolstering the company’s revenue stream. Transactions of these collectibles between users generated fees for Telegram, further enhancing its financial standing. In terms of global reach, India led the way in Telegram downloads in 2023 with 83.85 million users, followed by the United States with 29.92 million downloads.
However, the company faced a setback in August 2024 when CEO Pavel Durov was arrested upon landing at Le Bourget airport near Paris. Durov is currently facing serious charges, including terrorism, trafficking, conspiracy, fraud, and money laundering. His arrest sent shockwaves through the cryptocurrency market, particularly impacting Toncoin (TON), the native cryptocurrency of The Open Network developed by Telegram. Following Durov’s arrest, TON’s price experienced significant volatility, dropping from around $6.70 to $5.30 within a week, representing a decline of over 21%.
Despite the legal challenges, French authorities granted Durov bail under strict conditions, including a payment of 5 million euros, reporting to the police twice a week, and remaining within French borders. Paris prosecutor Laure Beccuau confirmed that the judge found sufficient grounds to formally investigate Durov on all charges for which he was detained. These charges encompass suspected involvement in running an online platform facilitating illicit transactions, distribution of child sexual abuse material, drug trafficking, fraud, failure to cooperate with authorities, money laundering, and providing cryptographic services to criminals. However, a video circulating on social media shows Durov being released from custody and adhering to the bail conditions set by the French authorities.
