“Pavel Durov’s detention in France did not affect Telegram’s activities due to the significant increase in the value of cryptocurrencies on the company’s balance sheet.”, — write: epravda.com.ua
Pavel Durov’s detention in France did not affect Telegram’s activities due to the significant increase in the value of cryptocurrencies on the company’s balance sheet. This is reported by the Financial Times. Social network Telegram has released its financial results to investors for the first time since the arrest of company owner Pavel Durov by French police in August. In the first half of 2024, transactions with the Toncoin cryptocurrency became the messenger’s main source of income. The value of Telegram’s digital assets rose to $1.3 billion in the first half of 2024, up from $400 million in December 2023. Revenues from the sale of digital assets amounted to $353 million, of which $348 million was proceeds from the sale of Toncoin. Advertisement: The company’s total revenue for the first half of the year reached $525 million, which is 190% more than in the same period last year. About half of that amount ($225 million) came from a deal with an unnamed party that won the right to use Toncoin as an exclusive tool for buying advertising on Telegram. The deal was terminated on October 1. Advertisement: Other sources of income grew more modestly. Advertising revenue doubled to $120 million, and premium subscriptions brought in another $119 million. The TON blockchain that underpins Toncoin was originally developed by Telegram, but after legal disputes with the US Securities and Exchange Commission in 2020, the project moved to the developer community. Telegram maintains significant reserves of Toncoin, which became a financial pillar for the company after the arrest of Durov.. Thanks to the growth of revenues, Telegram managed to become profitable. In the first half of 2024, the company received $335 million in net profit after taxes. By comparison, in 2023, revenues amounted to only $342 million, while losses reached $173 million. Telegram remains fully under the control of Pavel Durov, although the company has raised about $2.4 billion in loans with repayment until 2026. Read also: Messengers as a weapon. How criminals use Telegram and other platforms Telegram to Paris. What was Pavlo Durov detained for? We will remind: Telegram messenger will provide the authorities with the IP addresses and phone numbers of those engaged in illegal activities.
