Toncoin (TON) price doubled digits over the weekend on speculation that token staking might unlock an extremely desirable UAE Golden Visa. But the spike evaporated when senior Emirati officials issued a rare joint statement flatly rejecting existence of any such program, slamming TON and inflaming debate over credibility of crypto-migration schemes. The farce began when The Open Network (TON) Foundation announced that staking $100,000 worth of TON tokens for three years, along with paying a one-time processing fee of $35,000, would get applicants a 10-year UAE Golden Visa. The claim, fueled by crypto influencers and even shared by Telegram CEO Pavel Durov, quickly went viral on social media. Binance founder CZ commented on the news, saying, “If this is real, we’ll definitely try to get it on BNB too,” further fueling excitement. Crypto X was abuzz with posts like: “If this is real, we’ll definitely try to get it on BNB too.” — CZ (Binance founder) UAE Officials Issue a Swift Denial The enthusiasm was short-lived. On July 7, the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), Securities and Commodities Authority (SCA), and Dubai Virtual Assets Regulatory Authority (VARA) jointly released a statement via the Emirates News Agency, categorically rejecting any relation between staking digital assets and eligibility for a Golden Visa. Formally they clarified: Golden Visas are only awarded by legal, government-approved channels such as investment in real estate, establishing a business, or exceptional professional skill. Investments in digital assets such as Toncoin are not covered by the Golden Visa program and are subject to separate, strict regulations. TON is not licensed or regulated by VARA , and any claim to the contrary is untrue. Investors were encouraged to only access residency details from official government sources and be wary of social media rumors. Toncoin's value first surged over 10% on the rumor to as high as $3.03. After the official rebuttal, the token quickly reversed, dropping 6% to around $2.83 as traders rushed to roll off positions. The episode is a textbook example of how unfounded rumors can trigger speculative bounces—and just as vicious pullbacks—across the crypto space. Event TON Price Movement Market Reaction Rumor spreads +10% Surge in buying and social buzz UAE denial (official) -6% Sharp sell-off and volatility spike What It Means for TON and Crypto Residency Schemes The episode underscored the risks of aggressive marketing and misinformation in the crypto space. While the UAE has made advanced policies towards crypto, authorities emphasized that residency and immigration are tightly regulated and separate from digital asset investment. Crypto migration initiatives—offering residence or citizenship in exchange for token investment—are on the rise, but this instance highlights the necessity of being careful and exercising vigilance. The fallout has also hurt TON's reputation, with some members accusing the foundation of misleading marketing and others making threats of reputational damage. The Toncoin Golden Visa scandal is a cautionary tale for investors and projects alike: in crypto, bold claims can rattle markets—but only until reality rears its head.
