W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/30/2024

Telegram's Financial Report Reveals the Company Holds $400 Million in Crypto

The messaging app Telegram, whose CEO Pavel Durov was arrested on August 24, reportedly held $400 million in digital assets as of the end of last year, according to the company's 2023 financial report. As of the end of 2023, the app had approximately four million premium users — a figure that has since grown to over five million. Telegram recorded an operating loss of $108 million for the year ended December 31, 2023, while revenue reached $342.5 million. According to the Financial Times, approximately 40% of Telegram's revenue came from digital asset-related activities across its "integrated wallet" and "collectibles sales" categories.

Telegram's Financial Report Reveals the Company Holds $400 Million in Crypto

The messaging app Telegram, whose CEO Pavel Durov was arrested on August 24, reportedly held $400 million in digital assets as of the end of last year, according to the company's 2023 financial report.

As of the end of 2023, the app had approximately four million premium users — a figure that has since grown to over five million.

Telegram recorded an operating loss of $108 million for the year ended December 31, 2023, while revenue reached $342.5 million. According to the Financial Times, roughly 40% of Telegram's revenue came from digital asset-related activities under the categories of "integrated wallet" and "collectibles sales."

According to Statista, Telegram recorded in-app revenue of $11.66 million in the first two months of 2024, bringing its total amount raised to over $4 billion since launch.

Telegram's 2023 financial report provides details on crypto transactions

The Financial Times report, based on Telegram's 2023 financial statements, noted that "the integrated wallet is a software program that allows users to store, send, receive, and trade crypto assets."

Regarding "collectibles sales," Telegram's financial report stated that the company sells various collectibles to users, including usernames and virtual phone numbers. The company also facilitates transactions between users for the sale of these collectibles and charges a service fee.

According to Statista, India led the world in Telegram downloads in 2023 with 83.85 million users, while the United States ranked third with 29.92 million downloads.

Durov's arrest triggers a chain reaction

On August 24, Durov was arrested after his private jet landed at Le Bourget airport near Paris. He reportedly faces charges including terrorism, drug trafficking, conspiracy, fraud, money laundering, and others. He was brought before a court from detention on August 28.

Related: Toncoin Futures Trading Volume Surges 32% Following Pavel Durov's Arrest

Toncoin (TON), the native token of The Open Network developed by the Telegram messaging app, saw a surge in futures traders betting on the asset's price following Durov's arrest.

At the time of publication, TON was trading at around $5.30, down over 21% from approximately $6.70 over the past seven days, according to CoinMarketCap data. Meanwhile, its market cap had fallen nearly 2% to $13.42 billion.

Despite the price drop and shifting market sentiment, technical and market indicators suggest TON may be setting up for a recovery. If the market views the arrest as an isolated incident that does not fundamentally damage the Toncoin ecosystem, traders may see the sell-off as a panic-driven buying opportunity.