Toncoin (TON) Falls 5% as Nasdaq Flags Rule Violation in $273M Purchase by Major Holder

Toncoin's price fell 5% to $2.165, breaking key support levels amid surging trading volumes, coinciding with a reprimand from Nasdaq against TON Strategy, one of the largest token holders. The reprimand stems from TON Strategy failing to secure required shareholder approval before issuing stock to finance a $272.7 million private investment in public equity (PIPE) deal, nearly half of which was used to buy Toncoin. Although Nasdaq stopped short of recommending delisting, citing no intent to evade compliance, the warning pressures TON Strategy's goal of legitimizing its public cryptocurrency treasury. TON Strategy currently holds 217.5 million tokens, and the price action is now largely dictated by technical levels, with support near $2.162 and resistance at $2.19.

(Source：CoinDesk)