Telegram founder’s GRAM cryptocurrency token drops over 4%

The price of GRAM, a cryptocurrency linked to the Telegram messaging platform, fell by more than 4% after reports said Telegram founder Pavel Durov had been placed on a wanted list by Russia's Federal Security Service (FSB).

Data from the Bybit cryptocurrency exchange showed that GRAM rose to $1.4552 before falling to $1.3881 within a few hours. The drop was about 4.6%, Russian media reports.

It is not clear whether the reports about Durov were the only reason for the price decline, as cryptocurrency prices often change quickly for a variety of reasons.

GRAM was originally created for the Telegram Open Network (TON), a blockchain project launched by Telegram. In 2020, Telegram stopped developing the project after a legal dispute with the U.S. Securities and Exchange Commission (SEC).

Since then, an independent group of developers has continued to build the TON blockchain. Although GRAM is still traded on several cryptocurrency exchanges, it is no longer an official Telegram product or managed by the company.

By Sabina Mammadli