- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.