Gram Price Plummets Amid Terrorism Charges Against Telegram Founder Pavel Durov

Russia's FSB has charged Telegram founder Pavel Durov under the Russian criminal code for assisting terrorist activity, alleging that Telegram failed to remove channels and chats used by extremist groups to coordinate attacks inside Russia.

The charges led to a 3.25% drop in Gram (GRAM) over the last 31 hours, with the token's market capitalization falling to around $3.78 billion. The rebranding of the project back to the Gram name has made investors see it more as a Telegram and Durov-linked asset, amplifying the impact of the charges on the token's price.

The broader crypto market has been soft, but not enough to explain Gram's move on its own. Over roughly the last 24 hours, total crypto market capitalization is down about 0.72%, and the altcoin market cap ex BTC is down about 1.07%.