Hidden Risks in the Crypto Assets Market: Challenges Brought by Telegram Dependence

Key Points Overview

• Dependency Risk Emerges: In June 2025, after Vietnam banned the use of Telegram, user activity in major Crypto Assets communities plummeted by 45% in the short term. This incident highlights the structural weakness of the encryption industry’s excessive reliance on a single communication platform.

• Lack of Alternatives: Although the industry has explored alternative platforms such as Discord and Signal, none have yet been able to fully replicate the unique combination of global reach, privacy protection, and encryption-native experience that Telegram offers.

• Increasing Global Regulatory Pressure: Governments around the world are strengthening their scrutiny of Telegram under the pretext of maintaining "digital sovereignty," particularly targeting its refusal to share data and monitor activities. However, Telegram has recently begun cooperating with authorities in certain regions, temporarily alleviating some market concerns.

Telegram's Core Position in the Crypto Assets Ecosystem

Telegram has become the preferred communication platform for the global Crypto Assets community due to its strong privacy protection, scalable group chats, and integration of bots. Market participants widely use Telegram as their primary interaction channel.

Telegram has deeply integrated into the infrastructure of the Crypto Assets market. It is almost impossible to imagine a major industry event without Telegram, which fully illustrates its importance in the ecosystem.

The Impact of Vietnam's Comprehensive Ban on Telegram

On May 21, 2025, the Ministry of Information and Communications of Vietnam issued a directive requiring all telecom operators to block Telegram services by June 2. This decision immediately triggered chaos in Vietnam's Crypto Assets ecosystem.

Despite many users turning to VPNs to maintain access, this method can only serve as a temporary solution. For regular users, accessing Telegram via VPN is too cumbersome, leading many to completely withdraw from participation. Within just a few days, the average traffic of the top ten crypto assets communities in Vietnam dropped by more than 45%.

In response, community organizers began exploring alternative platforms. The activity on the Vietnamese server on Discord surged, and some communities tried using local messaging applications. However, these alternatives could not fully replicate the unique advantages of Telegram. Most users still chose to continue using Telegram via VPN.

The Dilemma of Telegram Alternatives

The Telegram ban reveals the serious dependence of the Crypto Assets industry on a single communication platform. Although VPNs provide a short-term solution, they present significant barriers for average users and may hinder the broader adoption of coins.

The industry is actively seeking alternative platforms but faces many challenges:

• Discord offers real-time communication and a developer-friendly environment, but lacks the mobile optimization of Telegram.
• Signal has strong security features, but its support for crypto native use cases is limited.
• Regional applications like Zalo or WhatsApp struggle to meet the global demands of the encryption ecosystem.

Currently, the crypto industry has yet to find a complete alternative to Telegram. Telegram occupies a unique position in the communication field, being the second largest communication tool in multiple regions, with a neutrality that crosses borders, making it difficult to replace.

Regulatory Risks Faced by Telegram

Governments around the world are tightening scrutiny of Telegram under the guise of "digital sovereignty." This mainly stems from Telegram's strong privacy policies and its refusal to share user data.

The strategies adopted by the government usually include: comprehensive bans, temporary blockades targeting specific events, and selective filtering of specific content. These precedents suggest that there may be more restrictions in the future.

However, Telegram's strategy is shifting. The company has begun taking steps to improve compliance, such as publishing transparency reports in certain jurisdictions. This shift may reduce the risk of facing immediate sanctions in major markets.

The Potential Impact of a Complete Ban on Telegram

Although the possibility of a global ban on Telegram is low, if it happens, the impact will be profound:

• Users may increase VPN usage in the short term, but this is just a temporary solution.
• Users will begin migrating to alternative services, such as Signal or the potentially upcoming XChat.
• The TON Foundation may be directly affected, as Telegram and the TON ecosystem are closely linked.
• TON-based projects may face reputational and operational risks.

Conclusion

The crypto ecosystem relies not only on Telegram but also on multiple single service points. If these structural vulnerabilities are not addressed, the industry will continue to be exposed to sudden external shocks.

Reducing over-reliance and achieving platform diversification has become a necessary survival strategy for the industry. The crypto community needs to actively explore and develop more decentralized and flexible communication solutions to enhance the resilience of the entire ecosystem.