Bitget Bought $30 Million of Toncoin Before Telegram CEO Arrest

Crypto exchange Bitget bought $30 million of Toncoin, the token linked to messaging app Telegram, in July in the over-the-counter market, according to Chief Executive OfficerGracy Chen.

• The purchase came shortly before Telegram CEOPavel Durovwas arrested in France, setting off a tumble in Toncoin
• Bitget made the investment through Foresight Ventures, in which Bitget is an investor, Chen said
• The tokens were bought at a 40% discount with a three-year lock-in, a person familiar with the matter said, asking not to be identified. Bitget didn’t immediately return a message seeking comment
• “The reason why we want ...