Toncoin

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Toncoin, the native coin of The Open Network and originally developed by the Telegram messaging app, saw a surge of future traders hedging their bets on the asset’s price following the arrest of Telegram CEO Pavel Durov.
On Aug. 24, Durov was arrested when his plane <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/breaking-telegram-ceo-pavel-durov-allegedly-arrested-in-france" rel="null" target="null" text="null">landed at Le Bourget airport outside Paris</a>. He allegedly faces charges of terrorism, trafficking, conspiracy, fraud, money laundering and more.
Just hours after the reports emerged, Toncoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/toncoin-price-index" rel="" target="_self" text="null">TON</a>) open interest (OI) surged 32% to $303.09 million, <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/dashboard/bitcoin" rel="nofollow noopener" target="_blank" text="null">according</a> to CoinGlass data. The flock of traders appeared following TON’s price plummeting following the news.
At the time of publication, TON is trading at $5.71, down 14.71% since Aug. 24, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/toncoin/" rel="nofollow noopener" target="_blank" text="null">according</a> to CoinMarketCap.
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 <img alt="Toncoin open interest surges 32% following Pavel Durov’s arrest" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01918848-b533-76c0-9618-f010867066c7">
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 Future traders appear to be slightly more skewed toward short positions. Source: CoinGlass
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OI is the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-room-to-fall-unusual-open-interest-coinglass#:~:text=Open%20interest%20refers%20to%20the,increasing,%E2%80%9D%20said%20the%20firm." rel="null" target="null" text="null">total number of derivative contracts</a> that have not been settled, such as options or futures. 
An increase in OI indicates greater confidence among traders in predicting TON’s price direction, whether up or down.<advertisement>
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 Pseudonymous crypto trader Daan Crypto Trades predicted in an Aug. 24 X <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1827474844805394875" rel="null" target="null" text="null">post</a> that most of them are traders expecting further downfall.
 “Most of these are undoubtedly shorts/hedges,” he added. 
 It’s typical for traders to take such positions when fear and uncertainty enter the market, especially concerning a cryptocurrency token’s founder, executives or the broader company.
 <h3 id="traders-predict-durov-will-be-released-soon">Traders predict Durov will be released soon</h3>
 He further claimed that based on the grounds of Durov’s arrest, he personally thinks “he’ll be set free pretty quick.”
 Yet he warned his 380,300 X followers against taking the same short positions, reiterating to “always be careful catching a falling knife.
 Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/toncoin-barr-breakout-40-ton-price-rally" rel="null" target="null" text="null">Toncoin’s BARR breakout sets stage for 40% TON price rally</a>
 “If he were to be released, that announcement should give a good squeeze. Might see a few days of volatile &amp; choppy price action until the though,” Daan Crypto Trades added.
 Echoing a similar sentiment, crypto trader Anup Dhungana <a data-ct-non-breakable="null" href="https://x.com/CryptoAnup/status/1827605471911670243" rel="nofollow noopener" target="_blank" text="null">claimed</a> that “from a fundamental perspective, if Durov is released after facing interrogation and potential international objections, a quicker-than-expected price rebound could occur.”
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Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/11-critical-moments-ethereum-history-that-made-eth-no2-blockchain/" rel="null" target="null" text="null">11 critical moments in Ethereum’s history that made it the No.2 blockchain</a>

Toncoin open interest surges 32% following Pavel Durov’s arrest

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Will Telegram-linked Toncoin bounce back after Pavel Durov’s arrest?

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