Telegram ‘Black Swan Event’ Exposes Risk in Popular Crypto Deals

The detention of Telegram founder Pavel Durov is reverberating through the crypto venture capital sector, where some of the biggest players have invested in a digital token closely linked to the messaging app.

Pantera Capital Management, Animoca Brands and Mirana Ventures are among more than a dozen firms that invested in Toncoin, whose blockchain is being used on Telegram to handle things like instant payments. Pantera, one of the largest crypto VC funds, put more than $100 million into Toncoin earlier this year, a person with knowledge of the matter said.