The founder of Telegram, Pavel Durov, remains under formal investigation in France. His arrest at Le Bourget Airport on August 24 has shaken the tech and crypto communities. He was facing accusations related to the use of his platform for illegal activities, which included serious charges of organized crime, human trafficking, and money laundering.
Durov was ordered to pay a bail of $5.56 million and was granted it under the condition that he report to the French police twice a week. As his legal battles continue, crypto investors are closely watching the potential implications for cryptocurrencies linked to Telegram.
Public support for Durov
The public support of Durov has been significant, with widespread demonstrations of solidarity. In Paris, graffiti supporting Durov has appeared in various locations, coupled with protests in front of the Russian embassy in the city.
⚡️ JUST IN: Pavel Durov has been taken to court – AFP
Meanwhile, Graffiti in support of Pavel Durov and the hashtag #freedurov has appeared in France. One of the images appeared near the Pompidou Center in Paris on the Place Stravinsky, next door to the work of Shepard Fairey… pic.twitter.com/9QuLFdpKMk
— NEXTA (@nexta_tv) August 28, 2024
Moreover, the UAE government, where Durov resides and holds citizenship, has intervened diplomatically, threatening to suspend a $10 billion deal with France to protest his detention. This international support, combined with the ongoing “Digital Resistance” campaign, has bolstered morale among Durov’s and Telegram’s supporters.
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Companies like Chagelly have also rallied behind Durov, suspending trading fees for TON and NOT. With such widespread support and traction
Сrypto community must stand together in times like these.
For the next week, you can swap $NOT and $TON with no service fee on Changelly
→ https://t.co/5itl0cwVyIThis is the way 🚀
— Changelly (@Changelly_team) August 28, 2024
TON and NOT Situation
TON experienced a massive selloff following Durov’s arrest, with its price plunging by up to 20%. There has been a modest recovery when the news of the bail was made public, though not as strong as some had hoped. TON’s performance over the past year has been stellar, outpacing most other cryptocurrencies and securing a spot in the top 10. NOT, following a similar trajectory to TON, also saw a sharp decline but has shown signs of stabilization.
Source: Sosovalue
Although the price action has not been much, the trading volumes have been huge in both the cryptos. TON had a 24-hour trading volume of $1.25 Billion, while NOT had a 24-hour volume of close to $300 million. DOGS also had a significant trading volume of $1.2 Billion, making it the most traded memecoin in the past 24 hours.
The outcome of Durov’s legal challenges in France will likely determine the future trajectory of these cryptocurrencies. If Telegram can successfully defend itself against the charges, it could lead to a substantial rally in TON and NOT prices. However, until the legal matters are resolved, the market will continue to be volatile.
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Also Read: Telegram‘s Pavel Durov Under Formal Investigation, Bail Set at $5.56M
