Polymarket users worried about Durov: How will it affect TON?

Polymarket users, a decentralized blockchain prediction platform, said that the chances of Telegram CEO Pavel Durov being released are low.

According to Polymarket data, the odds of a “yes” bet if Durov is released by August 31 have dropped to 25 percent. Platform users initially saw the probability of his release as 50 percent. However, the statements of French authorities and the judicial process have put Durov and TON in a difficult position.

Pavel Durov was arrested over the weekend as part of a preliminary police investigation into allegations that he had authorized various crimes. It is alleged that criminal activity was allowed to continue unabated on Telegram. The platform called the allegations “absurd” on Sunday.

Durov holds citizenship in France, the UAE, Russia and Saint Kitts and Nevis. According to French law, he can be detained for 96 hours, after which a judge must decide whether he can be detained for longer. The French website TF1, which reported the news, said that Durov poses a flight risk because he is a billionaire with a fortune of $15.5 billion, a private jet owner and dual citizenship.

According to an unnamed investigator in the case, TF1, Pavel Durov will be arrested and sent to prison. Telegram, which made a statement in response to the events, said, “It is absurd to claim that a platform or its owner is responsible for the misuse of that platform.” The ongoing chaos on the part of Telegram and Pavel Durov seems to continue to affect the TON price in the short term.

#TON , which had pushed $7 a few days ago, fell to $4.70 with the news about Pavel Durov. Later, the popular altcoin, which received an upward reaction, jumped above $5.50. TON is finding buyers at $5.67 with a 16.03 percent decrease in the last 24 hours. Persistence above $5.90 could carry the parity back to $7. If negative news continues or #BTC declines, sharp declines towards $4.50 may occur.