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As Telegram CEO Pavel Durov faces an uncertain future, market watchers and bettors alike are buzzing with speculation about his potential release. French prosecutors have hinted that Durov could be freed as soon as Wednesday, August 28, 2024. However, Polymarket data reveals that bettors are skeptical, with most wagering on a release before the end of September.
Durov, who was arrested on Saturday, August 24, 2024, at Le Bourget airport near Paris, has not been formally charged. Instead, his detention stems from an ongoing investigation linked to alleged criminal activities broadcasted or planned on Telegram. These include serious accusations such as money laundering, drug trafficking, child pornography, and non-cooperation with law enforcement.
Market sentiment is leaning towards an extended stay for Durov. According to Polymarket, there is a 72% chance that he won’t be released before October, with shares of the “yes” side trading at 72 cents. Each share represents a $1 payout in USDC, a stablecoin, if the prediction holds true. If not, bettors will receive nothing.
The uncertainty surrounding Durov’s situation is amplified by the potential for his detention to be extended if investigators find substantial evidence during their questioning. This has led to skepticism about his release by the initial deadline.
Also Read: Telegram Under Investigation in India Following Co-Founder’s Arrest
In parallel, the cryptocurrency market is experiencing its own fluctuations. Toncoin (TON), the native cryptocurrency of the Telegram Open Network, is trading above $5.38 but has seen a 6.8% drop recently. The broader digital asset market, as measured by the CoinDesk 20 (CD20), is down by 1.87%, reflecting a general dip in market sentiment.
As the investigation continues and market reactions unfold, all eyes remain on the outcome of Durov’s detention and the broader implications for both Telegram and the cryptocurrency space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
