Toncoin Sees Surge In Trading Activity Following Telegram CEO's Arrest

According to Cointelegraph, Toncoin (TON), the native coin of The Open Network originally developed by the Telegram messaging app, experienced a significant increase in trading activity after the arrest of Telegram CEO Pavel Durov. Durov was detained on August 24 at Bourget airport near Paris, facing charges including terrorism, trafficking, conspiracy, fraud, and money laundering. Following the news of Durov's arrest, Toncoin's Open Interest (OI) surged by 32% to $303.09 million, as reported by CoinGlass. This spike in OI came as TON's price dropped sharply. At the time of publication, TON was trading at $5.71, down 14.71% since August 24, according to CoinMarketCap. The increase in OI suggests that traders are actively betting on the future price direction of TON, with a slight skew towards short positions. Pseudonymous crypto trader Daan Crypto Trades noted that most traders are likely expecting further price declines. He advised caution, warning against trying to 'catch a falling knife,' and suggested that Durov's release could lead to volatile price movements. Another crypto trader, Anup Dhungana, echoed this sentiment, suggesting that if Durov is released after interrogation and potential international objections, a quicker-than-expected price rebound could occur.