Toncoin (TON) is currently experiencing a price rally thanks to the release of Pavel Durov.
As earlier reported, the price of TON dropped 17% on Saturday following the news of Pavel Durov’s arrest by the French authorities at Le Bourget airport after his arrival on his private jet from Azerbaijan.
But now, the token is seeing brighter days. Shortly after a French court ordered the release of Telegram Founder Pavel Durov on a $5.56 million bail, Toncoin (TON) rebounded 6% to $5.59.
Telegram Founder Placed Under Judicial Supervision
Although Pavel Durov was released from prison on bail according to the court’s order, the court restricted Durov’s ability to leave French territory and placed him under special conditions under judicial supervision.
That means that the Telegram founder must report to the police station twice a week and this will continue until all allegations against him are cleared.
According to a statement from JUNALCO, France’s anti-organized crime authority, Durov was officially charged with six offenses, which include refusal to provide information to authorities, transmission of child sexual abuse materials, money laundering, and “complicity in the management of an online platform allowing illegal transactions in an organized gang.“
TON Price Rebounds After Durov’s Release
Durov’s release on bail sparked positive sentiments within the crypto market, pushing the TON price by over 6% over the past 24 hours.
Investors hope for sustainable growth in the token’s price, with the possibility that the cost of TON will breach the next critical resistance at $6. At press time, TON’s trading volume increased by 100.23% to $1.38B, and TON traded at $5.387.
Global Support For Pavel Durov Gains Momentum
The news of Durov’s arrest triggered a series of criticisms within the crypto industry. Many groups, especially Telegram users, rallied support for his release.
As the support gained momentum, a group quickly petitioned and called on users to sign.
Several Telegram users publicized the petition on their Telegram stories to attract global attention. At the same time, Durov’s supporters on other social media platforms also trended the #FREEDUROV hashtag to draw attention to his arrest.
More than 3 million users had signed the petition before Durov was bailed.
In addition to the telegram community members, high-profile public figures also expressed their displeasure with Durov’s arrest.
For instance, Elon Musk called for Durov’s release, claiming that Durov was arrested for refusing to succumb to censorship pressure.
RFK Jr. also disapproved, calling everybody to rally around the Telegram founder and protect the right to free speech.
