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Toncoin (TON) Leads Top Gainers In Last 7 Days

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Toncoin (TON) Leads Top Gainers In Last 7 Days

The Open Network has enjoyed massive media recognition in the last few weeks, resulting in impressive gains. The blockchain’s native token, TON, is currently among the top cryptos leading the market in weekly gains. As of the time of writing, TON’s price was $1.74, a 0.31% decline on the day. However, its weekly rise was 2%. 

Toncoin’s media attraction came with the launch of Telegram’s unique username auction feature. In addition, this saw the launch of their marketplace, Fragment, where these usernames can be auctioned. Furthermore, the TON blockchain secured a massive investment deal with DWF Labs in the past few days. All these, together, resulted in the token’s rise this past week.

Toncoin Hopes To Get $10 Million From DWF Labs – Can the Deal Take TON To The Moon?

In a recent announcement, DWF Labs, a famous market maker, has inked a new partnership with the Ton blockchain. This partnership will see the blockchain receive $10 million in investment and other technical and market-making support. The collaboration will also see the market maker helping TON get listed on other exchanges. As of writing, TON is only listed in a handful of exchanges, including Kucoin, Huobi Global, and OKX, among others. It’s yet to be listed on top exchanges like Binance.

It is unclear whether DWF Labs can help TON reach new highs. But it certainly seems that they have an interest in doing so. With the news, TON’S price rose by 4.2%, reaching $1.74 at press time. However, it has shed some gains, mainly due to the overall bearish trend across all cryptocurrencies.

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The cryptocurrency market is still reeling from the recent drop in prices thanks to the FTX implosion. As investors are bearish and weary, there is no telling how much more the crypto market could fall. However, positive news like this might contribute to getting the market back on track.

TON’s price currently stands at $1.42. | Source: TONUSD price chart from TradingView.com

Traders Aren’t Bullish On Toncoin 

The CoinMarketCap community has voted that Toncoin may decline by January 2023. Approximately 142 users voted that Toncoin would trade at an average of $1.487 at the start of next year. The votes were compiled using the Price Estimates tool on the CoinMarketCap website. This is a 12% drop from the token’s current market price at press time. 

But looking at the Toncoin’s price chart and recent developments, it seems unlikely that the token will drop that much. Earlier this month, the number of new accounts and wallet holders increased. Specifically, over the past week, there has been a 5% growth in the number of wallets holding TON. 

As of November 15, there were 2,829 unique wallet addresses. However, it had a considerable increase starting on the 17th and continued through today, the 22nd, adding 147 new addresses. The blockchain also recorded a 2.3% increase in new accounts. Specifically, the number of new accounts created from November 13-20 grew from 1,423,525 to 1,456,235.

Featured image from Pixabay and chart from TradingView.com
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FTX Reportedly Hacked As Telegram Group Admin Comments On Possible ‘Malware’ Present In Apps, Irregular Fund Movements Registered Onchain

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FTX Reportedly Hacked As Telegram Group Admin Comments On Possible ‘Malware’ Present In Apps, Irregular Fund Movements Registered Onchain

Admins of the Telegram group of the FTX community stated that the platform had been hacked and all of the funds of the exchange seemed to be gone. FTX U.S. General Counsel Ryne Miller, who reportedly pinned the message in the group, explained he was investigating “abnormalities” regarding FTX balances across other exchanges.

FTX Officials Report Being Victim Of Hack On Telegram

An admin of the now-closed Telegram group of the FTX community announced that the exchange was the victim of a hack attempt on Nov. 12. The message, which was pinned by FTX U.S. General Counsel Ryne Miller, informed of a hack in progress and recommended customers to stay away from using FTX apps, reporting that they could be compromised too.

The admin, identified as Rey, wrote:

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FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don’t go on FTX site as it might download Trojans.

Several users on social media have reported having their wallets in the exchange drained of their funds, and seeing swaps of their tokens by stablecoins like Dai onchain. Nansen’s Martin Lee observed “massive withdrawals to the same wallet,” something that the exchange had not informed about before.

General Counsel Sees Abnormalities, Onchain Funds Blocked By Tether

While FTX’s regular communication channels have been silent on the issue, Ryne Miller, FTX U.S. General Counsel, reported being looking at these transactions earlier in the evening. Miller tweeted:

Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges – unclear facts as other movements not clear. Will share more info as soon as we have it.

Funds that have been withdrawn in the form of USDT in different chains have been blocked by Tether, according to reports. More than 30 million USDT were involved in this move.

Miller also reported the exchange is now moving the remaining funds to cold wallets to preserve the remaining capital after an investigation of these “unauthorized transactions”. He stated:

Following the Chapter 11 bankruptcy filings – FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening – to mitigate damage upon observing unauthorized transactions.

According to a report from Reuters, former FTX CEO Sam Bankman-Fried allegedly had a backdoor in FTX’s system. “In a subsequent examination, FTX legal and finance teams also learned that Mr Bankman-Fried implemented what the two people described as a ‘backdoor’ in FTX’s book-keeping system, which was built using bespoke software,” Reuters reported.

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The news outlet also spoke with Bankman-Fried via text and Reuters said Bankman-Fried denied any existence of a backdoor. The exchange had filed for Chapter 11 Bankruptcy protection on Nov. 11. The story is still in development as the movement of funds still continues at the time of writing.

What do you think of the announcement of FTX’s Hack in its Telegram group? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Formatoriginal, Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Telegram Launches Premium Tier Benefits Seeking To Monetize Platform

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Telegram Launches Premium Tier Benefits Seeking To Monetize Platform

Popular messaging platform Telegram has announced it is launching a new premium tier of its services as it seeks to monetize a part of its userbase. Reaching more than 700 million active users monthly, the new tier answers to the need of these users for more bandwidth and storage capacity, according to Pavel Durov, CEO of the company.

Telegram’s New Premium Tier to Expand User Functionality

Telegram, one of the most popular messaging apps in cryptocurrency circles, has announced it will introduce a paid premium tier of its services that will allow its users to access new features and expand upon some that are already available. The move comes as the company seeks to monetize a good part of its userbase, which recently reached a milestone of 700 million monthly active users.

The premium tier is an answer to the requirements of a set of users that wanted to upgrade their bandwidth and storage from within the app, according to CEO Pavel Durov. He stated:

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After giving it some thought, we realized that the only way to let our most demanding fans get more while keeping our existing features free is to make those raised limits a paid option.

Among the new features available for paid users are the extension of the number of channels that they can follow — 1,000, up from the 500 that the free tier offers — and also the creation of 20 chat folders with 200 chats in each folder. The pricing for this new service tier has not been disclosed as of writing, but according to Techcrunch, estimates are close to the six-dollar mark.

Road to Monetization

This is not the first attempt from Telegram to monetize services on the platform, which provides messaging and content management systems to thousands of individuals and companies at a worldwide level. The company introduced the feature of sponsored messages last year, allowing advertisers to put such messages in large channels with more than 1,000 subscribers.

However, the biggest attempt at monetization was the launch of Telegram’s own token, called gram. The initiative managed to gather more than $1 billion from investors all over the world but was ultimately shut down by the U.S. SEC, which issued a temporary restraining order against the company back in 2019. This led Telegram to drop the launch of the token, and to return the money to investors, also paying a fine to the institution.

What do you think about the new premium user tier to be launched by Telegram? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$1 Billion Raised

Telegram Users Can Send And Receive Toncoin Within Messenger Chats

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Telegram Users Can Send And Receive Toncoin Within Messenger Chats

Telegram users can now send and receive toncoin directly within the application’s chats, according to a tweet by The Open Network (TON) Foundation. In addition to the toncoin support, users can also purchase bitcoin via the software’s bot system.

TON Foundation Reveals Telegram Toncoin Support, Users Can Purchase Bitcoin via Bot

The ability to send and receive cryptocurrency using Telegram is now possible using the TON Foundation’s toncoin. Sending digital currencies via third-party applications tethered to Telegram was possible before.

However, this is the first time toncoin will be available since Telegram settled with the U.S. Securities and Exchange Commission (SEC) in June 2020. The SEC filed a case against Telegram in October 2019 over the toncoin project.

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On Twitter, the TON Foundation said: “You can now send toncoin directly within Telegram chats. It’s a new way to send Toncoin without transaction fees to any Telegram user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations.”

While users can send and receive toncoin, they can also purchase BTC using the wallet bot system. Telegram dropped the TON project in August 2020, but in April the community raised $1 billion to further the project’s goals.

The TON Foundation has moved into the arena of decentralized finance (defi) and non-fungible tokens (NFTs) as well. Just recently, the foundation announced the launch of Disintar.io, a TON-based NFT marketplace.

“On Disintar.io, users can buy, sell, and list NFTs without having any technical knowledge,” the TON Foundation explained. Toncoin saw an all-time high (ATH) on November 12, 2021, six months ago reaching $5.29 per unit.

Since then toncoin’s USD value has slid 64.8% lower than the ATH. Today, toncoin is exchanging hands for $1.86 per unit and has seen around $2,746,626 in daily trade volume.

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$1 Billion Raised, Bitcoin, Bitcoin (BTC), Bot, Crypto Telegram, DeFi, Disintar.io, Messenger App, Messenger Application, NFTs, SEC, SEC Case, SEC filing, Send and Recieve, Storage, Telegram, telegram crypto, ton, TON Foundation, Toncoin

What do you think about toncoin being integrated into Telegram so users can send and receive the crypto asset? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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