Polymarket Bettors Doubt Telegram CEO Pavel Durov Release Before October Amid Ongoing Investigation
Key Points:
- Arrest and Detention:
Telegram CEO Pavel Durov was arrested on Saturday, August 24, 2024, at Le Bourget airport in France. He is currently held as part of an investigation involving serious allegations such as money laundering, drug trafficking, and non-cooperation with law enforcement.
- Prosecutors' Statement:
French prosecutors indicated that Durov could potentially be released by Wednesday, August 28, 2024, if no formal charges are brought against him. However, they also mentioned the possibility of extending his detention or moving him to pre-trial detention if further evidence is found.
- Polymarket Bettors' Skepticism:
Bettors on the prediction market platform Polymarket are not optimistic about his release by the initial deadline. Currently, thereâs a 72% chance being bet that Durov will remain in custody until at least October, with shares of the "yes" side trading at 72 cents.
- Market Impact:
The ongoing uncertainty surrounding Durovâs situation is also affecting the market, with Toncoin (TON), a cryptocurrency linked to Telegram, trading down 6.8% at $5.38, while the broader CoinDesk 20 index is down 1.87%.
- Outlook:
The upcoming days are crucial as they will determine whether Durov will be formally charged and detained further or released. The situation remains fluid, and the skepticism in the market reflects the potential for extended legal proceedings.$SOL
