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TON Society celebrates Pavel Durov leaving France as free speech win
The Open Network (TON) Society released a statement on March 15 celebrating the return of Pavel Durov’s passport as a win for freedom of speech, online privacy, and innovation.
According to the AFP news agency, Durov left France and headed to Dubai on the morning of March 15 after gaining permission from French officials to depart the European country.
“We have stood behind Pavel since his arrest on August 24, 2024,” the TON Society wrote. The group added:
“Pavel’s unwavering commitment to freedom of speech and transparency, despite facing the most challenging of circumstances, is a powerful reminder of the importance of standing by your principles, even when it is politically and personally detrimental to do so.”
The TON Society previously penned a letter condemning the French government for detaining Durov and urging the country to release the Telegram founder.
The TON Society celebrates the return of Durov’s passport by French law enforcement officials. Source: TON Society
“The arrest of the Telegram founder, Pavel Durov, is a direct assault on a basic human right — the freedom of expression of everyone,” the TON Society’s Aug. 27 letter read.
At the time, the organization also called on the United Nations, the Council of Europe (CoE), the Organization for Security and Cooperation in Europe (OSCE), and the European Union (EU) to intervene and push for Durov’s release.
Free speech advocates in the crypto industry sounded the alarm over Pavel Durov’s arrest, citing the troubling implications for privacy and decentralized technologies in the face of state pressure to censor the internet and the potential for regulatory capture.
Related: Toncoin surges as Pavel Durov leaves France after months
Emmanuel Macron denies political motivation for Durov’s arrest
Shortly after French law enforcement officials detained the Telegram founder, President Emmanuel Macron denied the arrest was politically motivated and claimed that France was committed to free speech.
French President Emmanuel Macron denies the arrest of Pavel Durov was politically motivated. Source: Emmanuel Macron
In a subsequent press conference, Macron also denied inviting Durov to France amid a torrent of backlash from the crypto community and free speech advocates.
Chris Pavlovski, the CEO of the free-speech video platform Rumble, announced that he safely departed Europe shortly following the detention of Pavel Durov.
In an Aug. 25 X post, the CEO said that the French government threatened Rumble and condemned state authorities for the crackdown on free speech.
Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in
Toncoin (TON) has surged by over 50% in the past week, fueled by news that Telegram founder Pavel Durov has been granted permission to leave France for Dubai. TON/USDT weekly price chart. Source: TradingView TON’s bullish reversal, especially after falling to $2.35, its lowest level in a year, has traders eyeing key price levels, with crypto analyst Crypto Patel highlighting a “great entry zone” for long-term investors. As Crypto Patel notes, TON’s price has “perfectly bounced” from its support level of around $2.50. Furthermore, the support falls inside the $2.40-3.00 area that served as resistance in December 2022-April 2023 and September 2023-April 2024 periods. The analyst argues that the area now served as a “great entry zone,” citing TON’s ongoing rebound from the same range. TON/USDT weekly price chart. Source: TradingView/Crypto Patel A decisive rebound from the $2.40-3.00 zone could have TON target its prevailing descending trendline resistance in the coming weeks, which may push its price toward $5 by June or July. Related: Wallet in Telegram to list 50 tokens and launch yield program The upside outlook aligns with analyst Profit Mind’s falling wedge setup, which anticipates the Toncoin price to grow toward the $6 upside target if it breaks above the wedge’s upper trendline. TON/USDT daily price chart. Source: TradingView Falling wedges typically resolve when the price breaks above the upper trendline and rises by as much as the pattern’s maximum height. Analyst Crypto Billion further anticipates a bullish reversal in TON markets, citing its oversold relative strength index (RSI) as a primary catalyst for potential long-term accumulation. Source: Crypto Billion Toncoin’s Sharpe ratio, a financial metric used to measure an asset’s risk-adjusted returns, further indicates oversold conditions in the TON market. As of March 16, the 180-day average ratio had dropped below -25, as denoted in blue. In the past, TON has undergone bullish reversals largely when its Sharpe ratio turned blue, as seen in late 2022 and mid-2023. TON Sharpe ratio (180 days). Source: CryptoQuant In the derivatives market, Toncoin is witnessing a resurgence in its open interest (OI) — a metric tracking the total number of unsettled TON contracts such as options and futures. As of March 16, TON’s OI was around $169.12 million, compared to $80.75 million just five days prior. TON Futures’ OI and funding rates. Source: CoinGlass On the flip side, TON’s weekly funding rates are treading around negative territory — they marginally rose into positive territory after plunging to -0.678% earlier on March 16. When funding rates turn negative as OI rises, it often reflects bearish sentiment with aggressive shorting. The 30-day liquidation map tracking TON/USDT on Bybit risks nearly $10 million in long liquidations if the Toncoin price falls toward $2.54. Bybit TON/USDT 30-day liquidation map (as of March 16). Source: Coinglass Conversely, the same liquidation map reveals that approximately $12 million worth of short positions could be at risk if TON surpasses the $4 mark. If this scenario plays out, the cascading effect of forced buybacks could accelerate Toncoin’s upward momentum, sending the price to the aforementioned levels. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Toncoin Open Interest (OI) has jumped 67% over the past 24 hours following Telegram founder Pavel Durov’s reported departure from France, where he had been required to stay since his arrest six months ago. On March 15, Toncoin (TON) OI — a metric tracking the total number of unsettled Toncoin derivative contracts such as options and futures — reached $169 million, representing a 67% increase from the previous day when the reports of Durov’s departure first surfaced, according to CoinGlass data. It is the highest level of OI in Toncoin since Feb. 1, when it was sitting at $171.49 million. TON is The Open Network’s native cryptocurrency and is the exclusive blockchain infrastructure for Telegram’s Mini App ecosystem. Toncoin open interest surged 67% on March 15. Source: CoinGlass TON’s price jumped 17% over the same period, trading at $3.45 at the time of publication, according to CoinMarketCap data. Trading resource account Crypto Billion said in a March 15 X post that Toncoin is “showing signs of a potential long-term accumulation phase as it stabilizes near key support levels.” However, if this rally is short-lived, around $18.8 million in long positions could be liquidated if TON’s price falls back toward the $3 level it was trading at on March 14. The court reportedly allowed Durov to travel to Dubai, a city with no extradition agreements with many countries. The market’s reaction signals how significant this case is to the crypto industry. Many are worried that Durov’s arrest in August 2024 in France could set a precedent for cracking down on other privacy-focused services. He was accused of running a platform that enables illicit transactions. Related: Bitget predicts TON ‘de-Telegramization’ in the next 2 year Similarly, when Durov was arrested in August 2024, TON’s OI also surged. Following the news of Durov’s arrest on Aug. 24, 2024, TON’s OI spiked 32% over the following 24 hours, alongside its price falling almost 12%. On Jan. 21, Telegram announced it would cease support for all blockchains other than The Open Network for its messenger services. Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye Kaito AI, an artificial intelligence-powered platform that aggregates crypto data to provide market analysis for users, and its founder Yu Hu, were the victims of an X social media hack on March 15. In several now-deleted posts, hackers claimed that the Kaito wallets were compromised and advised users that their funds were not safe. According to DeFi Warhol, the hackers opened up a short position on KAITO tokens before posting the messages in the hopes that users would sell or pull their funds, which would have crashed the price and created profits for the threat actors. The price of the KAITO token dips, presumably due to a short position. Source: CoinMarketCap The Kaito AI team regained access to the accounts and reassured users that Kaito token wallets were not compromised in the social media exploit. “We had high-standard security measures in place to prevent [the hack] — so it seems to be similar or the same as other recent Twitter account hacks,” the Kaito AI team added. This recent exploit is the latest in a growing list of social media hacks, social engineering scams, and cybersecurity incidents plaguing the crypto industry. Source: Kaito AI Related: Kaito AI token defies influencer selling pressure with 50% price rally Pump.fun’s X account was hacked on Feb. 26 by a threat actor promoting several fake tokens, including a fraudulent governance token for the fair launch platform called “Pump.” According to onchain sleuth ZackXBT, the Pump.fun incident was directly connected to the Jupiter DAO account hack and the DogWifCoin X account compromise. On March 7, The Alberta Securities Commission, a Canadian financial regulator, warned the public that malicious actors were using fake news articles and fake endorsements featuring the likeness of Canadian politicians to promote a crypto scam. The scam, known as CanCap, played on fears of a trade war between Canada and the US to lure unsuspecting victims into investing in the project, which the scammers claimed had the support of Canadian leader Justin Trudeau. An example of a Lazarus social engineering scam where the hackers pretend to be venture capitalists experiencing audio-visual issues. Source: Nick Bax Crypto executives are also sounding the alarm on a new scam from the state-sponsored Lazarus hacker group, where the hackers pose as venture capitalists in a Zoom meeting. Once the target is in the meeting room, the hackers would claim they were experiencing audio-visual issues and redirect the victim to a malicious chat room where the user is encouraged to download a patch. The patch contains malicious software designed to steal crypto private keys and other sensitive information from the victim’s computer. 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