According to documents submitted to the U.S. Securities and Exchange Commission on Monday, Pantera Capital raised $20 million to invest in TON’s cryptocurrency, Toncoin.

The documents indicate that the firm secured funding from at least 29 investors across two separate funds. The official sales for both funds began in July. Pantera Capital had started reaching out to investors in June, with a minimum investment requirement of $250,000.

The two new funds for Toncoin are based on the firm’s prior investment announced in May. Pantera described this investment as the “largest” in its 21-year history but did not disclose the amount.

The Impact of Durov’s Detention on TON

The VC firm’s optimism for TON reflects the excitement of other crypto investors, continuing even after French authorities arrested Telegram CEO Pavel Durov in August.

Durov is currently out on bail in France. He faces six preliminary charges for allegedly refusing to cooperate with law enforcement authorities regarding the distribution of child abuse material, drug sales, and other criminal activities on Telegram.

Following Durov’s detention, the price of Toncoin dropped.

Ton Rebounds!

Nevertheless, TON supporters did not lose faith Alex Felix, managing partner at CoinFund, said in August, ‘The fundamental case for TON remains strong.’ At a TON blockchain conference held in Dubai in November, attendees noted that the TON ecosystem had moved on from the Durov crisis.

‘It certainly was a bit bad for a couple of weeks,’ said Jack Booth, co-founder of TON Society, the entity that organized the conference. ‘But the news cycle moves on.’

Following the broader surge in the crypto market after Donald Trump won the U.S. presidential election, Toncoin has regained almost all of its losses since Durov’s arrest. According to CoinGecko, Toncoin briefly rose to $6.84 on Monday, a 2% increase over its price before Durov’s arrest. It is now trading at approximately $6.60.

With a market capitalization of nearly $17 billion, Toncoin is still trading about 20% below its July peak.

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