Telegram Allegedly Sold $450 Million in Toncoin: Impact on TON Price?

Summary: Toncoin (TON) has seen a significant decline, with its price dropping over 75% from its 2024 peak and more than 65% from its 2025 high. This decline has been partially attributed to Telegram selling a substantial amount of Toncoin. Analysts are divided on how this sale affects the cryptocurrency's future, particularly amid concerns regarding Telegram's financial motives and commitments.

Key Takeaways

Toncoin's value has significantly decreased, with a notable drop attributed to Telegram's sale of $450 million worth of the asset.
Critics highlight concerns about Telegram's motives, suggesting the sale aimed at funding corporate operations rather than supporting TON's ecosystem.
Supporters argue that the sales were necessary for balancing and decentralizing the ecosystem, rather than an exit strategy.
The credibility of these defenses may hinge on TON’s price recovery in the coming years and restoring investor confidence.

Telegram's Sales and Its Impact on Toncoin

Toncoin (TON) has plummeted by over 75% from its peak in 2024 and more than 65% from its high in 2025. This downturn has led many investors to point fingers at Telegram, which reportedly sold Toncoin equivalent to around 10% of its circulating market capitalization.

Analysts Divided on the Sale's Implications

A report from the Financial Times brought attention to Telegram’s sale of Toncoin worth more than $450 million in 2025, igniting discussions among analysts and the broader crypto community. Concerns arose about the intent behind this sale, with critics suggesting it was more about funding Telegram's operational needs instead of bolstering the TON ecosystem. This situation has sparked doubts about the long-term value for those holding TON.

Many investors assert that this selling trend has stymied Toncoin's price progress. One investor, known as 0xGeeGee, remarked, "Holy schmolly, no wonder TON is down 66%," while another investor, Mike Dudas, compared this scenario to Pump.fun, which invested $225 million in repurchasing its token, highlighting the differing approaches.

Further complicating matters, the FT report indicated that around $500 million of Telegram’s Russian bonds have been frozen due to Western sanctions, adding to lingering questions about Telegram's financial independence from Russia.

Long-Term Implications for Toncoin

Negative developments regarding Telegram may have a protracted effect on Toncoin's market price. Previously, Pavel Durov, CEO of Telegram, positioned TON as the economic backbone of the Telegram platform.

In light of the criticisms, Manuel Stotz, Executive Chairman of TON Strategy Co (NASDAQ: TONX), defended the actions of Telegram, stating they remain dedicated to the TON blockchain. He pointed out that all Toncoin sold by Telegram is subjected to a four-year vesting period. Notably, the largest purchaser in this scenario is TON Strategy Co itself, which is focused on accumulating, holding, and staking Toncoin rather than selling it.

Stotz responded to Dudas’s skepticism, stating on Twitter, “To the extent this post might question Telegram’s commitment to the TON blockchain, it is essential to clarify that all TON sold by Telegram has a four-year vesting period.”

Current Status of TON Strategy Co

CoinGecko reports that TON Strategy is currently facing losses. The entity possesses more than 4% of the total TON supply, valued at over $406 million, despite spending $713 million to build that position.

In defense of those against the negative perception of the sales, contributor DamX expressed that Telegram’s actions were not a way out but rather a means to ensure a balanced ecosystem. He argued that unchecked accumulation of TON by Telegram could hinder decentralization, and that controlled sales to long-term buyers with locking mechanisms are a healthier strategy for the market.

DamX emphasized, “Telegram sells TON because it has to, not because it wants out. Ads and other in-app payments settle via TON, so naturally, Telegram accumulates TON as it expands.”

In relation to claims of financial exposure regarding Russia, Pavel Durov refuted these allegations, asserting that the information was misleading. He stated, “Despite some FUD, Telegram has no dependence on Russian capital,” further noting that their recent $1.7 billion bond offering included zero Russian investors.

Looking Ahead

The real test of these arguments will come as the market watches whether Toncoin's price rebounds in 2026 and if investor confidence in this altcoin is restored.