TLDR
- Following the announcement that Telegram's co-founder Pavel Durov would be departing France, Toncoin (TON) saw a whopping 67% hike in market interest and nearly 20% in price appreciation.
- After spending months entangled in France's legal systems over allegations tied to Telegram's use in organized crime, Durov was finally granted permission for a Dubai visit.
- The Open Network (TON) cryptocurrency, serving Telegram's Mini App setup, has found itself entwined in recent valuation hikes.
- Despite recent gains, analysis shows that as press time approached, a massive 96% of Toncoin holders were swimming in losses.
- Durov's situation sheds light on the long-standing friction between privacy-centric platforms like Telegram and global regulatory bodies.
Toncoin (TON) saw a near 20% surge in the wake of headlines reporting that Telegram's leader, Pavel Durov, was set to exit France. to temporarily leave France.
On March 15, amidst sustained price pressures, Toncoin, tying into The Open Network and Telegram's tech backbone, climbed to $3.45.
TON Price
Durov, who faced arrest in August 2024 at Paris’s Le Bourget Airport over alleged links to Telegram-incited organized crime, won limited travel freedom post a hefty €5 million bail.
Now allowed to visit Dubai, Durov departed France on March 16, as per AFP. The court’s relaxed measures let him remain abroad for weeks.
Holding Russian, French, and UAE citizenships, Durov reportedly hasn’t commented on his travels or his legal wrangles publicly.
Market Reaction
Open interest in Toncoin Investors responded vigorously to the news. CoinGlass cited a remarkable surge, with Toncoin’s open interest escalating to $169 million, a record since February 1st.
Tracking total derivative contracts unfulfilled, like futures and options related to cryptocurrencies, a rise in open interest signals soaring trading interest in TON.
Dune Analytics corroborates this by showing a significant hike in daily TON transactions, with a notable peak on March 13 preceding Durov’s travel news.
According to Trader Edge on X There’s speculation that Toncoin might aim for the $4.60 target as strategic maneuvers unfold.
$TON With a striking 54% breakout from a descending wedge trend, the Toncoin trajectory captured widespread interest 🚀.
If Toncoin's price achieves a higher trough, it could propel toward a critical $4.60 resistance threshold.
An eventful week looms with the FOMC meeting scheduled for Wednesday along with crucial earnings updates! pic.twitter.com/PMhl8MD7yZ
— Trader Edge (@Pro_Trader_Edge) March 16, 2025
The TON Foundation voiced backing for Durov, articulating that Telegram's extensive user base reflects an international movement devoted to communication freedom and privacy rights.
Similar expressions of solidarity came from the AKA token advocates, deeming Durov’s travel rights as symbolic of a triumph for individual liberties within the TON landscape.
Durov Arrest
Previous incidents witnessed Toncoin prices reacting to legal updates involving Durov. His August 2024 arrest caused a 32% spike in interest, but a 12% subsequent price drop.
Some forecasters hold an optimistic outlook for TON. Crypto Billion, posting on X (formerly Twitter), highlighted Toncoin’s potential long-term base-building as it steadies near pivotal support.
Yet, the recent upswing carries inherent vulnerabilities. Should TON dip back to pre-news levels near $3, around $18.8 million in long positions risk liquidation.
Historically, Toncoin’s price volatility has mirrored Durov’s legal entanglements, dropping over 35% post his August arrest, spiraling from $6.88 to $4.44 by September.
Even with its latest valuation rise, Toncoin investors face uphill battles as insights reveal 96% incurred losses at the latest reporting.
Durov's legal narrative underscores broader regulatory discord. Governments are pressing Telegram to enhance moderation, a stance clashing with its privacy-first ethos that has sparked tensions globally.
In January, Telegram Telegram’s strategic decision to exclusively bolster The Open Network sharpens the tie to its blockchain operations. The convergence of TON blockchain infrastructure with Telegram’s messenger functionalities is a deliberate move to strengthen integration.
