fxs_header_sponsor_anchor

TON rallies following Telegram CEO Pavel Durov's release from custody

  • Telegram CEO Pavel Durov was released from French custody today but was barred from leaving France.
  • Durov still has to face a French court following an indictment on several criminal charges.
  • TON price surged nearly 3% following Durov's release.

Pavel Durov, Telegram's founder, was released on Wednesday from French custody after four days. The release was on several terms, including that Durov does not leave the country.

Telegram CEO released following charges by the French government, TON recovers

Telegram CEO Pavel Durov was released from French custody today after being held for four days following his arrest at Le Bourget airport in Paris. Before his release, Durov was taken to court for questioning and possible indictment.

He was later charged with several counts, including "complicity in managing an online platform to allow illicit transactions by an organized group." Durov was eventually granted bail of $5 million and ordered to appear in a police station twice weekly.

Although released, Durov is still under formal investigation and will not be allowed to leave France until he faces court. The arrest ignited several critical views from the Russian government and the crypto community. Many accused the French government of political agendas behind his arrest, while several crypto community members demanded his freedom.

The TON blockchain was also significantly affected during Durov's time in custody, experiencing several complications with its network. For example, TON temporarily stopped producing blocks on Tuesday following the launch of the DOG meme coin airdrop. The network's recent instability could also be attributed to concerns over Telegram's and TON's future, as Durov is a pivotal figure in both projects.

After the announcement of Durov's release, TON saw slight gains of 3% and reclaimed its spot among the top 10 cryptocurrencies by market capitalization.

TON had earlier plunged on Saturday after Durov's arrest, dropping out of the top 10 cryptos.

TON/USDT Daily chart

On the daily chart, TON is attempting a move above its 100-day Simple Moving Average (SMA). A successful completion of this move could provide it with strength for a potential rally. However, more headwinds could see its price drop toward the support level around $4.604.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.