Toncoin's value plummeted nearly 10% to $1.918 after Nasdaq issued a warning letter to TON Strategy Co. for failing to secure shareholder approval for a $273 million purchase of the cryptocurrency. The firm had raised funds through a private investment in public equity (PIPE) in August 2025 but did not obtain the necessary approvals for the transaction. The warning led to a significant sell-off, with netflow reaching $2.47 million as traders reacted to the news. Technical indicators point to further downside risks, with $1.80 identified as a critical support level.