- The release of Telegram’s CEO, Pavel Durov, has seen a resurgence in TON, sparking a 3% surge in Toncoin’s price.
- During Durov’s time in custody, the network faced two significant outages, the most recent disruption lasting over six hours.
The release of Telegram CEO Pavel Dulov after a four-day ordeal has sent ripples through the cryptocurrency community, particularly affecting the TON blockchain. Over the weekend, the Russian-born multi-billionaire was cuffed for “complicity in managing an online platform to allow illicit transactions by an organized group.”
Following his arrest, Durov was taken to court for questioning and possible indictment, where he was finally released from custody after posting a $5 million bond. However, his release comes with a lot of strings attached. The CEO, who has French citizenship, is banned from leaving France and should report to a police station twice a week, Paris prosecutor Laure Beccuau stated.
TON Suffers Major Outage
Back to the TON blockchain, the $14 billion network experienced considerable instability during Durov’s time in custody. Two significant outages occurred within 36 hours, with the most recent disruption lasting over six hours. This downturn began around 11:00 PM UTC on August 27th and resumed around 5:30 AM UTC on August 28th.
Notably, his outage subsequently led to exchanges like Bybit suspending all withdrawals and deposits via The Open Network, as we earlier reported.
Reportedly, these outages resulted from a surge in Network activity caused by the launch of a new memecoin dubbed DOGS, based on the TON blockchain. Astonishingly, this memecoin, saw a massive trading volume of over $1.7 billion within the first 10 hours of its launch, further straining the network.
At the time of press, DOGS is exchanging hands for $0.001456, marking a noble 3.00% surge in the last 24 hours. Additionally, the memecoin has experienced a 37.96% surge in its 24-hour trading volume, leaving its market cap hovering at $735,165,293.
Notwithstanding adverse circumstances, the TON blockchain quickly recovered following the good tidings of Durov’s release. Notably, the token surged nearly 3%, reclaiming its 9th position by market cap.
Meanwhile, TON is swapping hands with $5.60, marking a 3.65% surge in the last 24 hours. Most importantly, TON has experienced an astonishing 101.52% surge in its 24-hour trading volume, stopping at $1,367,156,115.
Telegram Founder’s Detention Fuels Debate
The arrest of such a prominent figure and tech mogul led to heightened controversy. Free-speech absolutists, fellow tech moguls, propagandists, and cryptofascists approached the matter with due diligence.
Still, the most persistent naysayer, the Russian government took to Telegram (of course), suggesting that Durov’s arrest may be politically motivated and that his arrest was “indubitably the last nail in the coffin of ‘freedom of speech and expression of opinion’ in the West,” one Russian politician asserted.
There has also been speculation that French President Emmanuel Macron lured the founder into France, but the president has disputed claims that the arrest was politically motivated.
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