Telegram caps rocky year with profit breakthrough and $500m in cash

Crypto’s messaging app of prime is profitable for the archetypal clip since it launched much than a decennary ago, laminitis and CEO Pavel Durov said connected Monday.

“As I predicted, 2024 turned retired to beryllium a precise bully year,” Durov said successful his Telegram channel.

The founder, who has been detained successful France pending a transgression inquiry, didn’t specify conscionable however good.

But helium did accidental Telegram’s gross surpassed $1 cardinal aft its premium accounts tripled to 12 cardinal subscribers.

Durov besides noted that Telegram is closing the twelvemonth with $500 cardinal successful currency reserves, not including crypto assets.

And crypto has been a large portion of its bottommost line.

The app has sold hundreds of millions of dollars successful cryptocurrency, including Toncoin, a token intimately associated with Telegram, according to 2 unnamed sources who spoke with The New York Times.

In 2023, Telegram had astir $400 cardinal successful crypto connected its equilibrium sheet, according to the Financial Times.

And successful the archetypal fractional of the year, the worth of the integer assets it owned soared to $1.3 billion, reported the FT.

Durov’s detention

The extremity of 2024 is bittersweet for Telegram and for Durov, who is reportedly worthy much than $15 billion.

The Russia-born billionaire is mired successful 1 of tech’s highest illustration transgression inquiries.

In August, French authorities detained Durov, who is simply a national successful France and the United Arab Emirates, nether six preliminary charges.

Officials allege that helium and his institution person refused to cooperate with authorities connected the organisation of kid intersexual maltreatment worldly and the merchantability of narcotics done Telegram, among different amerciable activities.

“Using laws from the pre-smartphone epoch to complaint a CEO with crimes committed by 3rd parties connected the level helium manages is simply a misguided approach,” Durov wrote connected Telegram aft helium was arrested.

Durov was released connected a €5 cardinal bail nether the information helium cheque successful with authorities doubly a week and not permission France.

In December, helium precocious appeared successful court successful the country.

Moderation efforts

Meanwhile, the messaging app, which promises users encrypted messaging and privacy, has ramped up its moderation efforts.

It’s changed its presumption of work and accrued the fig of moderators it employs to much than 750 contractors, according to The Times.

And Toncoin, the Telegram-linked cryptocurrency, has rebounded 22% since September, according to CoinGecko data.

Ben Weiss is DL News’ Dubai-based correspondent. Reach retired to him astatine [email protected].