Toncoin falls by 7% while Elon Musk refutes the allegations of the Telegram founder of an XAI partnership of $ 300 million
Toncoin, the cryptocurrency linked to the messaging application based in Dubai Telegram, dropped 7% on Thursday after the technological billionaire Elon Musk denied the news of a $ 300 million partnership between Telegram and Xai, an AI company led by Musc.
Toncoin jumped 21%, from $ 3.01 to $ 3.65, Wednesday after an announcement from the CEO of Telegram, Pavel Durov, that he and Musk had concluded an agreement to integrate the XAI Grok chatbot into the messaging platform.
“This summer, telegram users will have access to the best IA technology on the market,” wrote Durov on X. “@elonmusk and I have accepted a 1 year partnership to bring @Grok from XAI to our users of billions + and integrate it into all telegram applications.”
According to Durov, Telegram would receive $ 300 million in cash and equity from XAI, and the messaging platform would keep 50% of the XAI subscription income sold on Telegram.
However, the details of the partnership are quickly questioned while Musk contradicts Durov’s claims, writing on X that “no agreement has been signed”. Durov quickly responded to Musk saying that if it was true that the agreement had not yet been signed, it was agreed “in principle”.
“The formalities are pending,” wrote Durov.
Telegram fans have not been impressed by the exchange, with an X user writing: “Currently agreed does not mean anything.” Another user wrote: “Well, you just exploded the case.” After peaked at $ 3.65, Toncoin fell to a minimum of $ 3.26 Thursday, losing 11% before recovering slightly.
Toncoin is the native token on the open network, or tonne. Your is a blockchain that works as a distinct Telegram entity, but is always associated with the application, allowing the 1 billion users of the messaging platform to pay for games, advertisements and other decentralized applications.
The news of the proposed agreement comes when Durov announced via Telegram on Thursday that the company raised $ 1.7 billion in convertible bonds. Part of the funds will pay $ 955 million in the existing company debt, due in 2026, according to Bloomberg.
Earlier this year, Toncoin jumped 24% after Durov was authorized to return home to Dubai after being excluded to leave France in the middle of an in -law investigation. Durov was arrested by the French authorities in August suspected that Telegram encouraged the distribution of sexual children’s abuse equipment, drug trafficking and other criminal activities by users.
Durov denied these allegations and maintained his innocence, writing in March: “With regard to moderation, cooperation and the fight against crime, for years, the telegram has not only encountered, but has exceeded its legal obligations.” Telegram himself also refuted the statements according to which she is responsible for illicit activity, writing on X following the arrest of Durov: “It is absurd to claim that a platform or its owner is responsible for the abuse of this platform.”
This story was initially presented on Fortune.com
