New TON Foundation President Transfers 1,308,151 TON to KuCoin

On January 15, Manuel Stotz, founder of Kingsway Capital Partners Ltd, took over as president of the TON Foundation, replacing Steve Yun. Steve Yun, however, remains a member of the foundation’s board of directors.

Manuel Stotz is considered an experienced crypto investor and has stated that he aims to support the development of the TON Blockchain in the USA market while fostering new TON ecosystem initiatives.

The reason behind the transfer of 1.3 million TON to the exchange remains unknown, but the move had a significant impact on Toncoin’s price, which dropped by 5% within 24 hours.

Additionally, TON is preparing for a major unlock of investor funds, which could further influence Toncoin’s future price.