Is Pavel Durov Relase Nears As UAE Suspends $10B Deal With France?
Highlights
- UAE has now put its order of 80 jets with France on hold due to Telegram CEO Pavel Durov's detention.
- The country seeks the release of Durov and provision of consular services to him.
- France under pressure to release Dorov as backlash continues to grow.
- TON price fell just 1% despite the market-wide selloff and blockchain outage.
The UAE has taken a critical decision to put on hold a contract to purchase fighter jets from France in response to the detention of Telegram CEO Pavel Durov. The UAE foreign ministry had also requested the French government to provide consular services to Durov immediately, assisting with his release from police custody after a surprise arrest on Saturday.
The UAE Suspends $10 Billion Jets Contract With France
According to reports on August 28, the United Arab Emirates has taken further steps to ensure consular and other assistance are provided to Telegram CEO Pavel Durov, supporting his release from unconventional arrest. The move likely came due to the potential lack of support from the French government regarding the recent request by the UAE government.
The UAE has now put its order of 80 jets with France on hold, marking an unexpected turn in relations between the two countries. The reports from the Arab and French media also claimed a temporary halt to military cooperation between the UAE and France, raising serious questions over bilateral relations in the future.
Recently, the UAE foreign ministry also submitted a request to the French government to provide Durov with all the necessary consular services. The consular assistance will help the Telegram CEO get legal and other help in the matter immediately, enabling early release from police custody.
Will France Release Pavel Durov?
France is now under international pressure from countries such as the UAE and Russia to release Pavel Durov. The backlash against France also continues to grow, seeking the release of the Telegram CEO.
Tech industry executives, celebrities, and political figures are putting pressure on France while raising questions about control of free speech and authoritarianism. France’s President Emmanuel Macron has denied the claims and stated that “France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship.” He added that the arrest was due to an ongoing judicial investigation and not a political decision.
Meanwhile, Ton Society revealed that more than 2 million people have already signed the open letter to France and joined the Digital Resistance campaign to release Dorov. Animoca Brands’s Yat Siu and Capital Club founder Luke Belmar will join today in a live session to express views on the fight for freedom of speech and digital privacy.
TVL #6 with @ysiu and @lukebelmar is happening today! 🔜
📅 August 28th, 3:00 PM UTC / 5:00 PM CET / 11:00 AM EST
We’ll be diving deep into the #DigitalResistance movement, the Open Letter, and the fight for freedom of speech and digital privacy. #FREEDUROV 💎✊
Hit "Notify… pic.twitter.com/ByVd13NCSr
— TON Society 🆓 (@ton_society) August 28, 2024
Toncoin Price Will Rally After Potential Release in September
TON price has jumped more than 1% in the past 24 hours despite the market-wide selloff and blockchain outage, with the price currently trading at $5.52. The 24-hour low and high are $5.15 and $5.63, respectively. Furthermore, the trading volume has decreased by 28% in the last 24 hours, indicating a decline in interest among traders.
Total TON futures open interest saw a 5% jump in the last 4 hours, with the massive buying seen on Binance, Bybit, and Coinbase exchanges.
According to Polymarket data, there is a 71% chance of Durov’s release from police custody by September 30. Also, another betting on the prediction market shows a 38% odds of release by September 15. However, the chances of release have increased after the intervention by the UAE.
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