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.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
