Odaily News Telegram has told investors that the detention of CEO Pavel Durov by French police has not had a "material impact" on the messaging app's operations, and financial disclosures show that a surge in the value of its cryptocurrency holdings is increasingly supporting its business. Financial documents show that Telegram's digital asset holdings grew significantly in value in the first half of 2024, from nearly $400 million at the end of last year to $1.3 billion. The growth, along with the proceeds it received from the sale of its closely related cryptocurrency Toncoin and another Toncoin-related transaction, helped the company create a financial buffer after being hit by Durov's legal troubles. According to its financial statements, Telegram had revenue of $525 million in the six months to the end of June, up 190% from the same period in 2023. Nearly half of that revenue, or $225 million, came from a one-time deal with an unnamed party. Under the terms of the deal, Telegram was "paid" in exchange for allowing the cryptocurrency Toncoin to be the exclusive way for small businesses to buy ads on the app. The exclusive agreement ended on October 1, the documents said. The company also reported $335 million in after-tax profits for the first half of this year, dwarfing its full-year 2023 forecast of $173 million in losses on revenues of $342 million, suggesting Telegram was on track for its first annual profit before Durov was detained. (FT)