KEY POINTS
- Toncoin increased by nearly 5% Wednesday night after news that Durov has walked free
- Some observers said France appears to have made easy money from arresting the Telegram chief
- The TON community continues to urge France to set Durov free even as he is no longer detained
- Durov is faced with multiple counts related to his alleged failure to prevent Telegram from being used for illegal activities
Toncoin ($TON), the native cryptocurrency of The Open Network (TON), whose first iteration was co-created by Telegram CEO Pavel Durov and his brother Nikolai, climbed Wednesday night after France allowed the tech magnate to walk free under supervised release.
TON Reclaims Spot in the Green Line
TON started the day in the green after the token spiked by nearly 5% Wednesday night after it was confirmed that Durov has been freed from custody after four days, data from CoinGecko shows. It is worth noting that there were concerns about Toncoin possibly plunging further depending on the outcome of Durov's case.
The digital asset bled nearly 20% of its value over the weekend after news emerged of Durov's arrest. The coin plunged further at the beginning of the week when the Paris prosecutor's office released details on charges filed against the tech executive.
Durov's freedom comes with a cost. Durov has been banned from stepping outside France and he is faced with multiple counts related to his alleged failure to curb illegal content and extremism on Telegram – a popular avenue for engagement among crypto groups.
Despite its struggles in recent days, TON has not left the Top 15 of CoinGecko's top cryptocurrencies by market cap.
Concerns on Durov's 'Freedom'
The decision to keep Durov from leaving France has left many on X wondering whether the TON co-founder is actually free or not.
Prominent political commentator Chuck Callesto said "we can't have it," noting how Durov still has to report to French authorities. As a condition for his release, Durov is required to report to a police station twice a week.
Yeah but he still has to report and can’t leave France.
— Chuck Callesto (@ChuckCallesto) August 28, 2024
This is the world under communism.
We can’t have it.
Another user pointed out that the tech executive was allowed to leave detainment "on bail." Durov was granted conditional release on a staggering five million euros ($5.5 million) in bail.
On bail… and can’t leave the country…
— Mickamious (@MickamiousG) August 28, 2024
That’s not exactly Free
Some crypto users on X suggested that France made "easy money" by detaining Durov.
Well that's an easy way for France to make $5M
— DeRF (@DeRFaverse) August 29, 2024
So at the end it was all abt money? Seems got short of Olympic funds 😂
— ReadyToFly📊 🦾 (@Degenplayer_1) August 29, 2024
So he gets invited to France to make him pay 5M after losing billions in project. Something is wrong with France.
— Soumya Geetha (@SoumyaGeetha) August 29, 2024
And Pavel, is the hero now in many nation!
TON Community Piles Pressure on France
It appears the community around TON agrees with some observers who've said Durov isn't exactly free as their Digital Resistance initiative, which calls on France to free the Telegram CEO and was launched only on Tuesday, is still very much alive and rolling.
TON Society pushed its call to the French government to #FreeDurov. The open letter has since recorded over three million signatures from individuals who stand with Durov in what Telegram has called an "absurd" move against its leader. As of early Thursday, the letter has gained more than 3.4 million signatures.
🎯 There’re 3 million of us so far
— TON Society 🆓 (@ton_society) August 28, 2024
We defend our freedom and nobody can stop us!
Join #DigitalResistance and sign the Open Letter now: https://t.co/Ir6t62QCJu#FREEDUROV✊ pic.twitter.com/FuwxokJc0J
Telegram's Controversial Nature
Aside from Durov being clouded by mystery – particularly over his multi-citizenship status, Telegram itself has been faced with questions, especially after Russia invaded Ukraine.
Some pro-war Russian bloggers have referred to the social media platform as "an alternative to classified military communications." Other commenters believe Telegram should take Durov's arrest as a wakeup call in transitioning into a more responsible platform.
