Toncoin (TON) Open Interest Spikes 32% as Telegram CEO Pavel Durov Faces Multiple Charges

The arrest of Telegram CEO Pavel Durov triggered a 32% surge in Toncoin's open interest, reflecting heightened market uncertainty and trader activity.

Telegram CEO Pavel Durov's arrest on multiple charges, including conspiracy, has had an interesting impact on Toncoin (TON).

Following the news, a surge in Toncoin's open interest was observed, indicating increased market uncertainty and trader activity.

As Durov's plane landed at Bourget airport south of Paris on August 24, he was swiftly taken into custody. The charges against him include terrorism, trafficking, fraud, conspiracy, and money laundering.

Toncoin Open Interest Hits $303.09 Million

According to CoinGlass, Open Interest (OI) in Toncoin rose by 32% to $303.09 million within hours of the reports. As the announcement triggered a sell-off in TON's price, a wave of traders emerged.

At press time, TON's price has dropped by 14.71% since August 24, trading at $5.71, based on CoinMarketCap data.

Open interest (OI) is the total amount of outstanding derivative contracts, such as futures and options.

When OI increases, traders become more confident in predicting the up or down direction of TON's price.

According to a post by pseudonymous crypto trader Daan Crypto Trades on August 24, most of these traders are anticipating another decline, based on X:

"Most of these are probably shorts/hedges," he chimed in.

Such positions are commonly taken by traders when market anxiety rises, especially in relation to the founder, executives, or the organization behind a cryptocurrency token, as noted by Cointelegraph.

In this case, Durov's arrest has sparked concerns among traders who believe that the news could impact TON's price negatively.

However, Daan Crypto Trades also stated that he anticipates Durov will "be released pretty quick."

"If he were to be released, that announcement should give a good squeeze. Might see a few days of volatile & choppy price action until the though," Daan Crypto Trades noted.

Cryptocurrency trader Anup Dhungana also made a similar observation, stating:

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