Toncoin ( $TON ), has dropped over 6% from its Sunday highs after United Arab Emirates regulators publicly denied that staking TON can grant eligibility for the country’s golden visa program.
Author: Sahil Thakur
Toncoin ( $TON ), has dropped over 6% from its Sunday highs after United Arab Emirates regulators publicly denied that staking TON can grant eligibility for the country’s golden visa program.
TON had jumped 10% to a high of $3.03 on Sunday after the project claimed that staking $100,000 worth of Toncoin for three years, along with a $35,000 processing fee, could make an applicant eligible for a 10-year UAE golden visa. But the rally quickly reversed when multiple government bodies refuted the claim.
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) released a joint statement on Monday. They clarified that golden visas are not issued in exchange for digital asset investments.
“Digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility,” the statement said. Authorities warned investors against falling for misinformation and advised verifying offers through credible, official channels.
VARA also noted that The Open Network is not licensed or regulated in the UAE, further distancing the project from any formal government partnership.
Fueling early speculation, Telegram founder Pavel Durov reposted the TON announcement on X, though he made no formal comment. The signal from Durov, who has long supported The Open Network, helped push TON higher over the weekend.
Former Binance CEO Changpeng “CZ” Zhao also weighed in, questioning the legitimacy of the offer. “Is this real? It would be awesome IF it is true,” he posted, adding that he had received “conflicting info” about whether it had government approval.
Following the refutation, TON quickly lost its momentum. From a high of $3.03, the token dropped over 6% and is now trading near $2.84. Much of the hype built on the staking-for-visa claim evaporated within 24 hours.
Despite the drop, TON is still among the more closely watched Layer 1 networks, thanks in part to its close ties to Telegram and its rising developer activity. But the incident raises questions about overreach in marketing crypto investment products, particularly when they touch on sensitive topics like residency and immigration.
The UAE introduced its golden visa in 2019 to attract high-value individuals, offering 5- to 10-year residency options. Applicants must meet stringent criteria—such as being a doctor, scientist, entrepreneur, or investor with at least AED 2 million ($544,000) in public investments.
Digital assets currently do not count toward this eligibility, according to all involved authorities.
| Project | Claim | Reality | Outcome |
|---|---|---|---|
| PinCoin & iFan (Modern Tech) | 48% monthly returns via ICOs | Disappeared with investor funds; no real platform | $660M lost; founders vanished |
| DeFi100 | Posted “We scammed you” confession online | Was actually a website hack, not an actual rug pull | Mass panic; token value collapsed |
| PGUC (Plus Gold Union Coin) | “Hybrid crypto” with high guaranteed returns | Was a Ponzi scheme with fake marketing | Founder arrested in India; ~$28M lost |
| Goldcoat Solar (via Binance links) | Govt-backed clean energy crypto investment | Used fake endorsements & impersonation | Scammed over 100,000 USDT; police action taken |
| Delhi Crypto Scam | 5–20% monthly ROI, holidays, office setup in Dubai | No real investment; all sites & offices fake | Police investigation; major investor losses |
| PlexCoin | 1,354% return in 1 month + crypto debit card | False advertising; no tech or partnerships existed | SEC froze assets; refunds issued |
| Centra Tech | Visa/Mastercard-backed crypto debit card | Fake partnerships & team; pumped by celebrities | Founders jailed; SEC enforcement |
| TON & UAE Golden Visa | Stake TON + pay fee = 10-year Dubai visa | UAE authorities denied validity; no official support | Price spiked then dropped; public backlash |
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