Toncoin, the native coin of The Open Network, originally developed by the Telegram messaging app, experienced a surge in futures trading following the arrest of Telegram CEO Pavel Durov.
On Aug. 24, Durov was arrested when his plane landed at Bourget airport near Paris. He allegedly faces charges including terrorism, trafficking, conspiracy, fraud, and money laundering.
Following the news, Toncoin’s open interest (OI) surged by 32% to $303.09 million, as reported by CoinGlass data. This increase came as TON’s price plummeted in response to Durov’s arrest.
As of the time of publication, TON is trading at $5.71, marking a 14.71% decrease since Aug. 24, according to CoinMarketCap.
The OI, which represents the total number of unsettled derivative contracts, such as options or futures, saw an increase, suggesting that traders have heightened confidence in predicting TON’s price movements, whether upward or downward.
Pseudonymous crypto trader Daan Crypto Trades commented in an Aug. 24 X post that the surge in OI likely indicates that most traders expect further decline. “Most of these are undoubtedly shorts/hedges,” he noted.
It is common for traders to adopt such positions during times of fear and uncertainty, especially when news involves a cryptocurrency token’s founder, executives, or associated company.
Traders Predict Durov Will Be Released Soon
Daan Crypto Trades further speculated that given the grounds for Durov’s arrest, he believes “he’ll be set free pretty quick.” However, he cautioned his 380,300 X followers about taking similar short positions, advising them to “always be careful catching a falling knife.”
“If he were to be released, that announcement should give a good squeeze. Might see a few days of volatile & choppy price action until then,” Daan Crypto Trades added.
Sharing a similar view, crypto trader Anup Dhungana suggested that “from a fundamental perspective, if Durov is released after facing interrogation and potential international objections, a quicker-than-expected price rebound could occur.”
