According to Cointelegraph, Toncoin's open interest (OI) has experienced a significant increase of 67% over the past 24 hours, following reports of Telegram founder Pavel Durov's departure from France. Durov had been required to remain in France since his arrest six months ago. On March 15, Toncoin's OI, which measures the total number of unsettled derivative contracts like options and futures, reached $169 million. This marks a substantial rise from the previous day, coinciding with the emergence of reports about Durov's departure, as per CoinGlass data.
This surge in open interest represents the highest level for Toncoin since February 1, when it stood at $171.49 million. Toncoin (TON) serves as the native cryptocurrency for The Open Network and is integral to Telegram's Mini App ecosystem. During the same period, TON's price saw a 17% increase, trading at $3.45 according to CoinMarketCap data. A trading resource account, Crypto Billion, noted in a March 15 post that Toncoin is "showing signs of a potential long-term accumulation phase as it stabilizes near key support levels." However, approximately $18.8 million in long positions are at risk of liquidation if TON's price falls back toward the $3 mark, which it was trading at on March 14.
The market's reaction underscores the significance of this case within the crypto industry, with concerns that Durov's arrest in August 2024 in France might set a precedent for actions against other privacy-focused services. Durov faced accusations of operating a platform that facilitates illicit transactions. Notably, when Durov was arrested in August 2024, Toncoin's OI also experienced a surge. Following the news of his arrest on August 24, 2024, Toncoin's OI increased by 32% within 24 hours, although its price dropped nearly 12%. In January 2025, Telegram announced it would discontinue support for all blockchains except The Open Network for its messenger services. The court has reportedly allowed Durov to travel to Dubai, a city known for having no extradition agreements with many countries.
