Confidence among $Ton coin traders surge, Telegram CEO secures bail in France

Druv Pavel secured bail at $5.56 million but was not allowed to leave the country.

Just a few days ago, Telegram CEO Druv Pavel was arrested in France at an airport. Allegedly, the French authorities arrested Pavel for allowing the use of his platform as a free speech medium, prompting the majority of people globally to raise objections against the French authorities. However, French authorities released a statement regarding this matter and clarified that they arrested Pavel because he failed to prohibit the misuse of the Telegram platform in several illegal activities.

On 29 Aug 2024, Druv Pavel secured bail, and now he is free from jail, but he is still under formal investigation and will not be allowed to leave France. He is currently restricted to remaining in the country under judicial supervision, with a bail set at $5.56 million, and is required to report to the French police station twice a week.

On 28 Aug, he was released from police custody in France and transferred to court for questioning ahead of a possible indictment.

Recently, some media reports noted that the investigation didn’t start overnight. According to an August 26 press release, Durov has been under scrutiny since early July and has already faced questioning from French authorities. His arrest last week in France led to him being placed under judicial supervision, preventing him from leaving the country.

It is worth noting that French authorities are also pursuing his brother, Nikolai Durov, with an arrest warrant. Nikolai, who is integral to Telegram’s operations, is believed to be involved in the same activities. Durov’s arrest immediately impacted the market, causing Telegram-linked cryptocurrency, Toncoin, to drop by nearly 20%.

$Ton price action

However, the $Ton coin is independent of Telegram services, but still, the $Ton blockchain ecosystem is fully dependent on Telegram users, as the Ton blockchain community provides all possible easy-to-use crypto services via Telegram bots.

The current trade price of $Ton coin is $5.59, and this price is 1.9% higher over the last 24 hours. The sudden spike in the price graph of this token is visible, following this news.

Read also: $TON network facing second network outage, now people comparing it with Solana