TON grows rapidly after firing Telegram CEO Pavel Durov

• The dismissal of Telegram CEO Pavel Durov led to a revival of TON and triggered a 3% increase in the Toncoin price.
• During Durov’s detention, there were two significant network outages, the last of which lasted over six hours.

The release of Telegram CEO Pavel Dulov after a four-day ordeal has caused major waves in the cryptocurrency community, particularly in relation to the TON blockchain. Over the weekend, the Russian-born multi-billionaire was released on bail for “Complicity in the management of an online platform to facilitate illegal transactions by an organized group.”

After his arrest, Durov was brought to court for questioning and possible charges. He was eventually released on $5 million bail. However, his release comes with many conditions. The CEO, who is a French citizen, is banned from leaving France and must report to police twice a week. This was stated by Paris prosecutor Laure Beccuau.

TON suffers major outage

Back to TON blockchain, the $14 billion network experienced significant instability during Durov’s detention. Two significant outages occurred within 36 hours, with the last one lasting over six hours. This outage began on August 27 at around 23:00 UTC and continued on August 28 at around 5:30 a.m. UTC.

Notably, its outage subsequently resulted in exchanges like Bybit halting all withdrawals and deposits via The Open Network, as we previously reported.

According to reports, these outages were due to a surge in network activity caused by the launch of a new memecoin called DOGS, which is built on the TON blockchain. Amazingly, this memecoin saw a massive trading volume of over $1.7 billion within the first 10 hours of its launch, putting additional strain on the network.

At the time of going to press, DOGS changes hands for 0.001456 USD, which is a noble 3.00% Increase in the last 24 hours. In addition, the Memecoin has a 37.96% Increase in 24-hour trading volume, so that the market capitalization at 735,165,293 USD.

Despite adverse circumstances, the TON blockchain quickly recovered after the good news of Durov’s release. In particular, the token rose by almost 3% and regained its 9th place by market capitalization.

Meanwhile, TON changes hands with 5.60 USD, Marking a 3.65% Increase in the last 24 hours. Most importantly, TON has seen an astonishing 101.52% increase in its 24-hour trading volume, and is at 1,367,156,115 USD.

Imprisonment of Telegram founder fuels debate

The arrest of such a prominent figure and tech mogul led to increased controversy. Advocates of absolute freedom of speech, fellow tech moguls, propagandists and crypto-fascists approached the matter with due diligence.

However, the most persistent critic, the Russian government, addressed the public (of course) by telegram, saying that Durov’s arrest could be politically motivated and that his arrest “undoubtedly the final nail in the coffin of ‘freedom of speech and expression’ in the West”, claimed a Russian politician.

There was also speculation that French President Emmanuel Macron lured the founder to France. However, the president denied claims that the arrest was politically motivated.