Toncoin Spikes 30% After France Releases Telegram CEO Pavel Durov

Toncoin (TON) spiked almost 30% over the weekend on news that Telegram founder and CEO Pavel Durov had his passport returned by French authorities.

Durov was arrested in France on Aug. 24, accused of running a platform that enables illegal activities in privacy-focused messaging app Telegram.

Durov was allowed to return home to Dubai but will have to return to France in a few weeks because of the ongoing investigation, according to French news service AFP. He has also posted a €5 million ($5.4 million) bail.

The Saturday announcement of his release by the Telegram-linked TON Foundation triggered an almost immediate bump in the price of TON of about 20%. TON is currently trading at $3.47, up from $2.93 when the news hit.

The Open Network (TON) is Telegram’s exclusive blockchain partner for its Mini App Ecosystem, and Toncoin is used for payments and advertising.

The TON Foundation celebrated the news on X, saying, “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. This news marks a significant moment of resolution.”

In a March 17 post on Telegram, Durov confirmed that he is home in Dubai and that the French investigation is ongoing. He also thanked his legal team “for their relentless efforts in demonstrating that, when it comes to moderation, cooperation, and fighting crime, for years Telegram not only met but exceeded its legal obligations.”

Durov is a citizen of Russia, France, the UAE, and St. Kitts and Nevis in the Caribbean.