$TON Price fell -20% and open interest increased +55% after news broke that Telegram and TON founder and CEO Durov was detained in France.

Most of these are undoubtedly shorts/hedges.

First, be careful when catching a falling knife. I do think some of these late-stage shorts could get crushed if momentum fades and other shorts start to take profits.

Given the reason they gave for detaining Durov (“failure to control content on Telegram”), I personally think he will be released soon.

Regardless, I think a -20% move is pretty big for such a large market cap and the news we have. I wouldn’t be surprised if there are other things at play that we may not know about. Maybe people are just overreacting. This wouldn’t be the first time.

Any Binance FUD for $BNB is usually a buy and the same type of price action and shorts entering the market will occur. These things tend to take some time to play out, so don’t expect a full retracement on the same day.

Regardless, if he is released, the news should weigh heavily on the market. Until then, prices may be volatile for a few days.