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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Toncoin’s Open Interest (OI) surged by 67% in the past 24 hours, coinciding with reports that Telegram founder Pavel Durov has left France.
Durov had been required to remain in the country since his arrest seven months ago.
According to CoinGlass data, Toncoin’s OI—a measure of unsettled derivative contracts such as futures and options—climbed to $169 million on March 15, marking its highest level since February 1, when it stood at $171.49 million.
Durov’s Departure Sparks Speculation on Toncoin’s Future
The spike followed reports of Durov’s departure, fueling speculation about its impact on the Toncoin ecosystem.
Toncoin (TON) serves as the native cryptocurrency of The Open Network, which underpins Telegram’s Mini App ecosystem.
The token’s price also responded positively, gaining 17% within the same period to trade at $3.45, according to CoinMarketCap data.
Market analysts are closely watching the rally, with trading resource Crypto Billion suggesting that TON is entering a long-term accumulation phase near key support levels.
However, concerns remain over potential volatility. If the price dips back to the $3 mark, nearly $18.8 million in long positions could be liquidated.
Durov’s reported relocation to Dubai—a jurisdiction with no extradition agreements with several countries—has sparked discussions about regulatory scrutiny in the crypto space.
His arrest in France in August 2024 raised concerns about increased enforcement against privacy-focused platforms, with authorities alleging that Telegram facilitated illicit transactions.
Historical data suggests a pattern of market reaction linked to Durov’s legal troubles.
Following his arrest on August 24, 2024, Toncoin’s OI surged by 32%, though its price dropped by almost 12%.
Meanwhile, Telegram has recently tightened its blockchain strategy.
In January, the company announced it would discontinue support for all blockchains except The Open Network, reinforcing its commitment to the TON ecosystem.
Telegram Complies with More US Requests for User Data Following CEO’s Arrest in France
As reported, Telegram fulfilled 900 requests from U.S. authorities for user information in 2024, with a significant increase in inquiries following the arrest of its CEO, Pavel Durov, in France.
The platform provided information such as IP addresses and phone numbers for 14 requests between January and September.
However, the total number of requests for the year reached 900, affecting 2,253 users, indicating a sharp rise after October.
Durov was arrested on August 24 by French authorities on allegations that Telegram had been used to facilitate criminal activity.
In October, he acknowledged that the platform has been sharing user data with authorities upon request since 2018, a practice outlined in Telegram’s privacy policy.
Notably, the encrypted messaging platform’s latest update allows users to upgrade gifts into non-fungible tokens (NFTs), enabling trading and ownership on blockchain platforms.
As reported, the new feature transforms digital gifts into unique collectible items with customizable attributes, which can be exchanged or sold on NFT marketplaces.
The gift custom attributes include background colors and icons, ensuring each item is distinct. Upgrading requires Telegram Stars, the platform’s digital currency, to cover blockchain fees.
