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Following the arrest of Pavel Durov, the price of Toncoin, the native cryptocurrency of The Open Network initially developed by Telegram, experienced a sharp decline. On August 24, Durov was detained upon arrival at Bourget airport near Paris. The charges against him reportedly include terrorism, trafficking, conspiracy, fraud, and money laundering, among others.
The arrest led to a significant surge in the open interest (OI) for {Toncoin} (TON) futures, which increased by 32% to $303.09 million, according to CoinGlass data. Open interest reflects the total value of unsettled derivative contracts, such as options or futures, and its rise indicates heightened trading activity and increased market engagement. The surge in open interest suggests a notable rise in market speculation following the arrest, with traders positioning themselves to capitalize on price movements.
As of the latest reports, Toncoin's trading price stands at a lower level, having dropped by 14.71% since the arrest news broke. In response to the market turmoil, many traders have taken positions anticipating further price declines. Pseudonymous crypto trader Daan Crypto Trades commented that the majority of these positions are likely short or hedge positions. This aligns with a common strategy during periods of market uncertainty, especially when significant events involve prominent figures associated with a cryptocurrency or its related company.
Despite the current bearish sentiment, some traders believe that Durov’s release could occur sooner than anticipated, which might lead to a rebound in Toncoin’s price. Anup Dhungana, another crypto trader, noted that if Durov is released following his interrogation and any international interventions, a quicker-than-expected recovery in the cryptocurrency’s value could be seen.
These developments underscore the volatile nature of the cryptocurrency market and highlight the impact that significant events involving key individuals can have on market dynamics.
