Telegram CEO Pavel Durov May Be Free by October, Say Bettors

Telegram CEO Pavel Durov could potentially be released as early as Wednesday, according to statements from French prosecutors.

Telegram CEO Pavel Durov could potentially be released as early as Wednesday, according to statements from French prosecutors. However, market predictions are less optimistic, with many bettors on Polymarket platform anticipating a release before the end of September rather than in August.

Durov has not yet been formally charged, but he is being detained as part of an investigation into alleged activities linked to Telegram, such as money laundering, drug trafficking, child exploitation, and failure to cooperate with authorities.

Polymarket bettors are currently estimating a 78% chance that Durov will be released before October. Shares for this prediction are priced at 78 cents each, offering a payout of $1 in USDC (a stablecoin) if the forecast is accurate, and nothing if it isn't.

Durov was taken into custody on Saturday, August 24, 2024, at 8:00 PM local time upon his arrival at Le Bourget airport, a general aviation hub north of Paris. He could potentially remain in detention until Wednesday, August 28, 2024, at 8:00 PM. However, bettors are wagering that his stay may be extended beyond this date.

According to the French legal system, a prosecutor can detain a suspect for up to 48 hours before either releasing them or presenting them to a judge for further detention. If a judge approves the prosecutor's request, the suspect can be held for an additional 24 hours before being charged or released.

In total, a suspect can be detained for up to 72 hours without being charged. If prosecutors need more time to investigate and prepare their case, they can request an extension of up to 24 hours, which must be approved by a judge.

After being charged, a suspect can either be released on bail or detained pending their trial. If convicted, the time spent in detention before and during the trial is deducted from their sentence.

Durov's arrest and potential release have sparked interest in the market, particularly in Toncoin, a cryptocurrency that is closely associated with Telegram. The platform's native token has seen significant price fluctuations and trading activity in recent days.

As Durov's fate remains uncertain and could be affected by several factors, including the ongoing investigation, legal proceedings, and market developments, traders and investors are keeping a close eye on the situation and its potential implications for Toncoin.

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