Toncoin OI Surges 67% Amid Reports of Pavel Durov’s Departure from France

Toncoin open interest (OI) has soared by 67% in the past 24 hours, reaching $169 million, as speculation intensifies over Telegram founder Pavel Durov’s departure from France. This marks the highest level of open interest in 42 days, according to CoinGlass data.

Highest Toncoin OI Levels in Over a Month

On March 15, reports surfaced that Durov had left France, where he had been detained for six months following his August 2024 arrest. Shortly after, Toncoin (TON) saw a significant uptick in trading activity, with its price jumping 17% to $3.45, per CoinMarketCap data.

Toncoin serves as the native cryptocurrency of The Open Network (TON), which powers Telegram’s Mini App ecosystem. The recent surge in open interest signals increased market engagement, particularly among derivative traders who are betting on further volatility.

Crypto analysts have taken note of Toncoin’s price action, with Crypto Billion, a popular trading resource, suggesting that TON is stabilizing near key support levels and could be entering a long-term accumulation phase. However, if this rally loses steam, a return to the $3 level could lead to $18.8 million in long positions being liquidated.

Market Response Mirrors August 2024 Arrest

This is not the first time Toncoin’s open interest has reacted to news surrounding Pavel Durov. When he was arrested in August 2024, TON’s open interest spiked by 32% within a day, while its price dropped nearly 12%.

Durov’s legal troubles have been closely watched by the crypto community, particularly given concerns that his arrest could set a precedent for crackdowns on privacy-focused services. He was accused of operating a platform that facilitated illicit transactions, a charge that sparked widespread debate over the role of decentralization and regulatory oversight in the digital economy.

His reported move to Dubai, a jurisdiction with no extradition agreements with several countries, could have long-term implications for Telegram and the broader TON ecosystem. Just two months ago, Telegram announced it would discontinue support for all blockchains except The Open Network, reinforcing its commitment to the TON ecosystem.

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