Toncoin’s TON Crashes as UAE Shoots Down 'Golden Visa' for Stakers Claims
Summary
Toncoin (TON) fell 5% to $2.79 after the UAE denied claims that staking the cryptocurrency could lead to acquiring a "Golden Visa." CEO Max Crown had tweeted that staking $100,000 for three years and paying a $35,000 fee could secure the visa, which was shared by Telegram founder Pavel Durov. Following the announcement, Toncoin briefly rose to $3 before the decline. Experts criticized the announcement's credibility, emphasizing the need for official communication in public-private partnerships involving blockchain. The UAE's authorities clarified that TON is not licensed or regulated and urged caution regarding such claims. The Golden Visa allows residency in the UAE for up to ten years, typically requiring significant investments.
