📉Toncoin Slumps After UAE Regulators Dismiss Toncoin Residency Rumors😬
Toncoin (TON) dropped 5% to $2.79 on Monday 😟 after the UAE government refuted claims that staking the cryptocurrency could help obtain the country’s prestigious 10-year Golden Visa 🛂✨. The decline followed a bold announcement on Sunday by TON Foundation CEO Max Crown 🧑💼, who tweeted that staking $100,000 in TON for three years and paying a $35,000 fee could secure the visa. Telegram founder Pavel Durov 🚀 shared the news with his 2.6 million followers, boosting excitement.
TON briefly surged to $3 📈—its highest since June 20—after the announcement, but quickly plunged after UAE authorities pushed back. In a joint statement, the ICP, SCA, and VARA denied the claims ❌, stating that TON is not licensed or regulated in the UAE 🇦🇪, and urged the public to rely on official government sources 🛑.
Critics like CEX.IO’s Alexandr Kerya raised red flags 🚩, criticizing the credibility of announcing such a major initiative via a single tweet. He stressed that government partnerships involving blockchain require formal, transparent communication 🤝🔍. Tradu’s Thomas Felber added that this wasn’t an isolated incident, citing issues like “whale wallet” concentration 🐋 and the short-term nature of Telegram’s Notcoin game 🎮.
Even Binance founder Changpeng Zhao (CZ) chimed in 🧠, saying he supports Durov but likes to “trust but verify” 🧐, noting the lack of an official government announcement.
In short: What looked like a golden opportunity turned into a cautionary tale for TON investors 💸⚠️.
