Toncoin price surged more than 18% after Telegram founder Pavel Durov got approval to leave France.
As the Telegram and Toncoin community celebrated, TON price rose to highs of $3.48.
Toncoin (TON) price rose sharply after Telegram founder Pavel Durov, who has been under judicial scrutiny in France, reportedly received permission to leave the country.
At the time of writing, TON, the native token of The Open Network, was up 18% at $3.48. The token traded as one of the top gainers in the past 24 hours, with daily volume rising 216% to over $514 million.
Durov’s latest legal-related news largely contributed to this scenario.
Telegram founder Durov allowed to travel to Dubai
Durov, indicted in Paris for complicity in criminal activities linked to his encrypted messaging platform, left Le Bourget Airport near Paris on Saturday. According to sources cited by a local news outlet, authorities had returned Durov’s passport.
The TON Foundation also confirmed the development, with permission granting Durov’s freedom to leave at his discretion.
Here’s what TON Foundation wrote on X:
“TON Foundation is delighted to learn that Pavel Durov’s passport has been returned to him by French authorities, granting him the freedom to leave the country at his discretion.”
Per the reports, the investigating judge overseeing Durov’s case accepted the request to modify the Telegram founder’s judicial supervision. The court authorised Durov to exit France for “several weeks.”
Durov’s departure to Dubai, where Telegram is headquartered, follows months of stringent judicial oversight. This includes a 5-million-euro bail, bi-weekly police check-ins, and a ban on leaving French territory. The Telegram founder has been in France since his arrest in August 2024.
The charges against him stem from allegations that Telegram has been used to facilitate organized crime, a claim Durov has contested, promising to enhance the platform’s moderation efforts.
TON’s upside comes after a broader market dip that saw Bitcoin (BTC) break under $80k. The top crypto trades above $84k though. The Toncoin price is seeing volatility similar to what happened in August when French authorities apprehended Durove.
While the altcoin remains well below the all-time high of $8.20 reached in June 2024, the nearly 20% uptick is great news for investors.
However, Durov is still expected to return to France after several weeks. In this case, the altcoin may experience notable volatility. Traders may need to be keen on overall crypto market conditions.
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