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. 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.
Notably, the “formal investigation” against Durov does not equate to guilt in the French legal system. However, it indicates that the authorities have grounds to commence a thorough probe.
Some of the allegations leveled by the authorities against Durov, the Franco-Russian billionaire, included permitting malicious actors to use Telegram for drug trafficking and transmission of child sexual abuse materials.
Other indictments include aiding illegal transactions, money laundering, and refusal to share information or documents with investigators when required.
Toncoin (TON) Rebounds Amid Legal Drama
On Saturday, news of Durov’s arrest at Paris’s Bourget Airport emerged. 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 hope to see the momentum sustained, with the possibility of breaching the next critical resistance at $6. As of the time of 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 shook the digital currency world, with many groups rallying support for his release. Notable among these support groups was the Telegram community, which quickly put together a petition and called on users to sign.
Before Durov’s bail, well over three million users had signed the petition. More are publicizing the petition on their Telegram story to attract global attention. On social media platforms, supporters of the Telegram founder trended the #FREEDUROV to draw attention to his ordeal.
Durov’s arrest also led to high-profile public figures expressly disagreeing with 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 censorship pressure.
For his part, Robert F. Kennedy Jr., another free speech advocate, expressed disapproval on his X handle. Kennedy Jr. emphasized the need for everyone to rally around Durov and protect the right to free speech.
