🚨 TON Foundation allegedly transferred at least $4.66M to RSquad between January 2025 and June 2026.
According to the investigation, the funds were spent across three major products:
• TON BTC Teleport — never left testnet.
• TON Pay — development stalled after a few months.
• Rust Node — public development stopped shortly after the final payment.
Researchers claim a repeating pattern: once one project was abandoned or frozen, the same team received funding for the next one.
The report also notes that all public TON developer support programs in 2026 distributed only around $69K, while RSquad alone received 37x more during Rust Node development.
The investigation raises questions about how TON Foundation allocates its ecosystem budget and whether independent developers could have delivered more value for the same funding.
Source: 'https://t.me/rivolresearch/14?utm_source=chatgpt.com' rel='nofollow'>Rivol Research investigation
According to the investigation, the funds were spent across three major products:
• TON BTC Teleport — never left testnet.
• TON Pay — development stalled after a few months.
• Rust Node — public development stopped shortly after the final payment.
Researchers claim a repeating pattern: once one project was abandoned or frozen, the same team received funding for the next one.
The report also notes that all public TON developer support programs in 2026 distributed only around $69K, while RSquad alone received 37x more during Rust Node development.
The investigation raises questions about how TON Foundation allocates its ecosystem budget and whether independent developers could have delivered more value for the same funding.
Source: 'https://t.me/rivolresearch/14?utm_source=chatgpt.com' rel='nofollow'>Rivol Research investigation