Binance founder Changpeng Zhao criticized the Golden Visa campaign linked to The Open Network (TON) after UAE authorities denied its legitimacy, causing fluctuations in Toncoin's market value.
CZ's Critique of the Campaign
Changpeng Zhao expressed skepticism regarding the legitimacy of the Golden Visa campaign organized by The Open Network (TON), pointing out the lack of official information from the government. He remarked: "There are no official government websites with the stake TON for the golden visa update. This program would be awesome if it were true."
UAE Authorities' Response
UAE authorities swiftly refuted the existence of the Golden Visa program, urging the public to be cautious of such investment offers. This denial added weight to the skepticism surrounding ambitious crypto products.
Implications for the Cryptocurrency Market
The campaign led to short-term market volatility for Toncoin, whose price initially rose and then dropped following CZ's critique and official denials. This incident raises questions about user trust in crypto and the need for greater transparency in investment offers.
TON's Golden Visa campaign represents a cautionary tale for investors, highlighting the importance of reliable and verified information in the cryptocurrency sphere. This case illustrates the necessity for investors to exercise caution.
