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Telegram-Affiliated Tokens Rally as Pavel Durov Is Released From Custody

Telegram founder Pavel Durov was released from custody on Wednesday and transferred to court, where the next line of action on his case will be decided.

Avatar image of Elendu Benedict Elendu Benedict•August 28, 2024
Telegram

Tokens affiliated with the messaging app Telegram rallied on Wednesday as founder Pavel Durov was released from custody. Following the latest development, TON’s native tokens, Toncoin, DOGS, and Notcoin, surged 8%, 15%, and 5%, respectively.

The Telegram CEO was arrested on Friday at the Le Bourget airport in France. According to reports, Durov faces up to 12 charges, which include drug trafficking, facilitating terrorism, and cyberbullying.

On Sunday, a court ruled that Durov’s stay in custody be extended until Tuesday to ensure proper scrutiny from France’s OFMIN. This led to a widespread protest, with hashtags like #FreePavel and #FREEDUROV trending on X and Telegram.

Notably, Durov’s arrest sparked downsides for Toncoin, as the token fell over 20% following the news. At press time, the asset had yet to fully recover its price before Friday’s arrest.

Not Entirely Free

The Wednesday release from custody was followed by a transfer to court, where Durov will face further questioning. Reports showed that the outcome of the court session will determine whether he will be fully released or if the agency will press charges against the Telegram founder.

There are also speculations that his stay in custody might continue depending on the outcome of the court trial. Reports suggest he will be asked to give the enforcement agency access to his cell phone.

FreeDurov Resistance Gains Momentum

While the proceedings are ongoing, digital resistance supporting Durov’s release has continued to make the rounds on Telegram and X.  The TON Society launched a mini-app containing an open letter to the French government seeking Durov’s release.

Over 2.7 million people had signed this letter at the time of writing. The letter contained comments on Durov’s arrest by notable figures, including Elon Musk, Vitalik Buterin, Robert F. Kennedy Jr., and Nayib Bukere.

At press time, TON was trading at $5.67, DOGS traded at $0.00158, and NOT exchanged hands for $0.0092.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.