Crypto Market Jitters as Pavel Durov’s Release Odds Dwindle

• Durov’s arrest caused a sharp decline in Toncoin, reflecting shaken investor confidence.
• Polymarket odds show growing skepticism about Durov’s release, with probability at 25%.
• Market volatility persists as Toncoin fluctuates post-arrest, indicating ongoing uncertainty.

Prediction market Polymarket now shows lower odds for Pavel Durov’s release from house arrest in August. The chance of his release currently sits at 25%, a sharp drop from 50% just a day ago. This considerable decrease points out growing uncertainty and doubt among traders regarding Durov’s release this month.

Pavel Durov, the billionaire behind Telegram, was arrested by French authorities at Le Bourget Airport near Paris late one Saturday evening. The arrest stems from serious accusations by the French National Anti-Fraud Office.

The report alleges that Telegram’s policies, particularly its minimal restrictions and limited cooperation with law enforcement, have turned the platform into a haven for illegal activities like drug trafficking, child exploitation, and fraud.

Durov’s arrest has caused a stir in the crypto market, particularly affecting Toncoin (TON) and Notcoin (NOT). These crypto assets are closely linked to Telegram, and the arrest of such a high-profile figure has understandably shaken investor confidence, leading to price drops.

After Durov’s arrest, Toncoin’s price dipped slightly. Between August 19 and August 26, it stayed fairly stable, hovering between $6.50 and $6.75.

However, on August 25, the price plummeted from around $6.75 to roughly $5.50. This sharp decline points to a significant sell-off in response to the news.

Toncoin’s price recovered a bit after the initial drop, reaching about $5.75. It’s been fluctuating between $5.50 and $6.00 since, showing the market’s continued volatility and uncertainty. The quick drop and subsequent swings suggest investor concerns remain, and the market’s reaction to Durov’s situation is far from over.