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How the TON ecosystem legalized 531M TONRivol released its second major investigation this week — this time about the TON Ecosystem Reserve. At the center of the story are 531M TON, presented in 2022 as a “community donation”, while almost the entire reserve allegedly came from linked early-miner wallets connected to Telegram’s orbit.
🔝 What changed⚫️ In April 2022, TON Foundation announced a $1B raise for the TON Ecosystem Reserve
⚫️ Publicly, it was framed as whales contributing TON without asking for anything in return
⚫️ According to the investigation, 99.99% of the funds came from 37 linked early-miner wallets
⚫️ Some wallets transferred literally their entire balance into the Reserve
⚫️ In November 2023, control over 531M TON moved from a multisig to a single wallet
⚫️ Since July 2025, 77% of withdrawn funds allegedly went to Telegram
⚫️ Part of the flow is possibly linked to the TON Strategy deal
🔝 Why it matters⚫️ The Foundation still has not clearly disclosed where the Reserve funds went
⚫️ Promised programs — grants, integrations and community growth — allegedly received nothing from the Reserve before control changed
⚫️ TON Stiftung, which was supposed to be the legal recipient of donations, was registered only in May 2023
⚫️ That was roughly a year after the original reserve raise
⚫️ The “community donation” now looks like a way to turn early-mined TON into a legal liquid asset
⚫️ For the ecosystem, this raises an uncomfortable question: who really controlled the reserve and why were hundreds of millions of TON explained only after the fact
TON got a clean story about generous whales and ecosystem growth. Rivol is now showing a different version: early miners, a single wallet, Telegram and 531M TON that spent too long being called a “community reserve”.
🤑 TON Insider 🤑