Fool Me Twice: The Toncoin Visa Hype

The official TON website announced a new opportunity to obtain a UAE Golden Visa for $35,000 - as long as you stake $100,000 worth of Toncoin for three years.

Just a few hours later, UAE authorities denied the news.

What followed was a textbook pump & dump on Toncoin.

Interestingly, this is the second time such a scheme has played out in recent weeks. Remember May 28, when Pavel Durov claimed he had secured a partnership between Telegram and Elon Musk’s xAI - only for Musk to deny it a few hours later? Toncoin’s price reacted then in exactly the same way.

But back then, Durov’s post wasn’t directly related to Toncoin, and those who rushed to buy it only have themselves to blame. This time, however, the message was much clearer: buy Toncoin, stake it for three years, and you’ll get a UAE Golden Visa for $35,000. At least some of the buyers likely acted on this promise - not just speculation.

Makes you wonder: will anyone trust Toncoin again next time? Or is it time to throw this project onto the crypto scrapheap?

Meanwhile, the Basalto Fund, registered in Portugal, offers a Portuguese Golden Visa with a minimum investment of €250,000 - up to 80% of which goes into Bitcoin, with the rest going to Bitcoin ecosystem startups. In other words, in addition to the visa, investors get a shot at solid returns - assuming Bitcoin’s 16-year trend continues.

Compared to that, TON doesn’t look so hot, does it?

And if you ever want to swap TON for BTC - with no limits and at the best rate - you can always do it on rabbit.io.