Over the weekend, Toncoin's price surged on speculation that staking tokens could provide access to a coveted UAE Golden Visa. However, the increase quickly reversed after high-ranking officials issued a denial.
Toncoin Price Surge Due to Golden Visa Rumors
Toncoin's price first jumped over 10%, reaching $3.03, after The Open Network (TON) Foundation announced that staking $100,000 worth of tokens could lead to a 10-year Golden Visa. The claim, boosted by crypto influencers and even endorsed by Telegram CEO Pavel Durov, quickly went viral.
UAE Officials' Swift Rejection
On July 7, the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security, Securities and Commodities Authority, and Dubai Virtual Assets Regulatory Authority released a joint statement categorically rejecting any relation between staking digital assets and eligibility for a Golden Visa. They emphasized that such visas are only awarded through legal, government-approved channels.
Consequences for Toncoin and Crypto Migration Schemes
This incident underscored the risks of aggressive marketing and misinformation in the crypto space. While UAE has made advances in crypto policies, authorities urged investors to verify residency information through official sources. Rumors can lead to sharp market fluctuations and damage project reputations, as evidenced by community backlash against the TON Foundation.
The Toncoin Golden Visa incident serves as a warning to investors: bold claims can shake markets, but reality will ultimately prevail.
