Toncoin (TON) Drops After UAE Denies Golden Visa Partnership Claims

Toncoin (TON) gave up its weekend gains after UAE authorities denied reports of a golden visa program linked to TON staking. The cryptocurrency had initially surged to $3 following an announcement by TON Foundation CEO Max Crown, who offered a 10-year UAE golden visa for users staking $100,000 worth of TON. The rally was short-lived as three UAE regulatory bodies issued a joint statement rejecting any collaboration with the foundation.

The reversal wiped out Sunday's 3.31% gain, pushing TON below its $2.83 closing price. Derivatives market sentiment turned bearish following the regulatory clarification. Crown's proposal had required a three-year staking period plus a $35,000 fee, positioning it as a major crypto adoption milestone. Market reaction indicates investors are penalizing projects that overpromise institutional partnerships without proper validation.