TON Foundation's UAE Residency Offer Debunked by Authorities

On July 5, the TON Foundation announced a program that promised 10-year UAE residency to individuals who staked $100,000 worth of Toncoin. This announcement, which claimed to offer high returns and zero risk, quickly spread across the industry and garnered significant attention, including from Binance founder Changpeng Zhao, known as CZ. CZ, who is based in the UAE, expressed enthusiasm about the potential for a similar program on the BNB Chain, stating that if the offer was genuine, BNB Chain would consider launching a comparable initiative.

However, the excitement was short-lived. The Emirates News Agency issued an official statement denying the claim, confirming that there is no government-backed visa program tied to staking Toncoin. Officials clarified that promotions offering golden visas in exchange for $100,000 in staked tokens were false and that TON is not authorized or regulated in Dubai for such purposes. This debunking of the claim led to a significant setback for those who had high hopes, including CZ.

CZ had previously indicated that he was in the process of verifying the claims, noting several red flags, including the absence of any official government statement or partnership, which raised questions about the legitimacy of the offer. Following the UAE’s denial, CZ responded with a laughing emoji and described TON’s move as “aggressive and misleading marketing.” He urged the community to exercise caution and verify bold claims before accepting them at face value.

The debunking of the claim has led to backlash against TON. Several community members have criticized the foundation’s announcement, expressing disappointment with the ecosystem and warning that such actions could damage the project’s credibility. Despite the criticism and clarification from UAE authorities, TON has yet to issue an official retraction, and the webpage promoting the false initiative remains live. This incident highlights the importance of verifying information and the potential risks associated with aggressive marketing tactics in the cryptocurrency industry.