Toncoin (TON) Rebounds Amid Legal Drama, Market Value Drops $5B After Telegram Founder Pavel Durov's Arrest

Toncoin (TON), the native currency of the decentralized layer-1 platform The Open Network, is seeing brighter days. The coin has rebounded after a French court set bail for Telegram Founder Pavel Durov at $5.56 million.

The native currency of The Open Network (TON) layer-1 decentralized platform is seeing brighter days. The coin has rebounded after a French court set bail for Telegram Founder Pavel Durov at $5.56 million.

According to market data, following the news of his bail, TON’s price climbed by over 6% to $5.59.

Telegram Founder Placed Under Judicial Supervision

Despite this bail, the French court has placed Durov under formal investigation and restricted his ability to leave France.

This development follows his earlier release from police custody and transfer to the court, where he got bailed. The authorities also placed Durov under judicial supervision. This means that he must present himself to the French police twice every week. This arrangement will remain so until all allegations against him are cleared.

It is important to note that a “formal investigation” in the French legal system does not equate to guilt. However, it does indicate that the authorities have found sufficient grounds to conduct a deeper probe.

Some of the allegations that the authorities have made against Durov, a Franco-Russian billionaire, include allowing Telegram to be used by bad actors for drug trafficking and the transmission of materials depicting the sexual abuse of children.

Other indictments include facilitating illegal transactions, money laundering, and refusing to cooperate with investigators by providing information or documents when requested.

Toncoin (TON) Rebounds Amid Legal Drama

On Saturday, news broke that Durov had been detained at Paris’s Bourget Airport. As a result, Toncoin’s market value dropped significantly, losing approximately $5 billion, crashing from $17.16 billion to $12.9 billion.

However, with Durov making bail, positive market sentiments have returned. As a result, the TON price has seen an appreciable surge over the past 24 hours.

Investors are hoping to see the momentum sustained, with the possibility of breaching the next critical resistance at $6. At the time of this writing, trading volume has soared by a massive 100.23% to $1.38 billion.

These positive indices signal a likely price rebound in the Toncoin financial horizon to pre-arrest levels; however, market watchers say the next couple of days might clarify the price trajectory of TON.

Global Support for Telegram Founder Gains Momentum

The news of Durov’s arrest and detention sent shockwaves through the digital currency community, with several groups rallying support for his release.

Among these support groups was the Telegram community, which quickly created a petition and urged users to sign in support of Durov.

At the last count before Durov’s bail, over three million users had signed the petition. Others are publicizing the petition on their Telegram story to attract global attention. Supporters of the Telegram founder on social media platforms also trended the #FREEDUROV to highlight his plight.

Durov’s arrest also saw high-profile public figures openly criticizing the French authorities and calling for his release. Billionaire entrepreneur and free-speech advocate Elon Musk joined calls for Durov’s release, alleging that the Telegram founder was being targeted for refusing to succumb to pressure to censor.

On his X handle, another free speech advocate, Robert F. Kennedy Jr., expressed his disapproval. Kennedy Jr. urged everyone to rally around Durov and protect the right to free speech.

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