Telegram’s financial statement shows that it has 400 million dollars in crypto

Popular messaging app Telegram CEO Pavel Durov, who was arrested on Aug. 24, held $400 million in digital assets at the end of last year, according to the company's 2023 financial statements.

The app had nearly four million premium users by the end of 2023, a number that has grown to over five million today.

Telegram reported an operating loss of $108 million on revenue of $342.5 million for the year ended December 31, 2023. According to the Financial Times, 40% of Telegram's revenue comes from digital asset-related activities in the categories of “integrated wallet” and “bundle sales”.

According to Statista, Telegram generated $11.66 million in in-app revenue in the first two months of 2024, making it more than $4 billion since launch.

Telegram's 2023 financial report provides detailed information on crypto transactions

“The integrated wallet is a software program that allows users to store, send, receive and trade crypto assets,” the FT report said, citing Telegram's 2023 financial statements.

Telegram's financial statement regarding “collection sales” says the company sells different types of collections to its users, including usernames and virtual phone numbers. The Company facilitates transactions between users to sell these collectibles and receives a fee for providing this service.

According to Statista, India will lead the world in Telegram downloads by 2023 with 83.85 million users, followed by the United States with 29.92 million downloads.

Durov's prison chain reaction begins

In the year On August 24, Durov was arrested when his plane landed at Le Bourget airport outside Paris. He has been charged with terrorism, human trafficking, conspiracy, fraud, money laundering and more. He was taken to court on August 28.

Related: Toncoin open interest surges 32% after Pavel Durov's arrest

Toncoin (TON), the native coin of The Open Network and originally developed by the Telegram messaging app, has seen futures traders shorting their betting trades on the asset's value since Durov's arrest.

At the time of publication, the ton was trading at $5.30, down more than 21% from $6.70 in the past seven days, according to CoinMarketCap data. At the same time, market capitalization rose nearly 2 percent to $13.42 billion.

Despite the decline in prices and changing market sentiment, various technical and market conditions indicate that tons may be poised for a recovery. If the market perceives the arrest as an isolated incident that will not affect the Toncoin ecosystem, traders will see it as an opportunity to buy in fear.

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