Points of Focus

• A researcher alleges that TON Foundation paid RSquad $4.66 million for three infrastructure projects.
• The complaint claims the funded projects stalled or were later abandoned.
• The filing raises questions over TON Foundation’s treasury oversight and spending.

A researcher who goes by the name Rivol on X has filed a complaint with the Swiss Federal Supervisory Authority for Foundations, alleging that TON Foundation transferred at least $4.66 million to contractor RSquad to develop three infrastructure projects that were never fully delivered or were later abandoned.

The complaint cites publicly traceable blockchain transfers, GitHub development records, and changes to The Open Network’s (TON) official documentation, raising questions about treasury spending and project oversight at the foundation. The allegations have not been confirmed by either the Swiss regulator or TON Foundation.

Alleged $4.66 million funded three TON infrastructure projects

According to Rivol’s investigation, TON Foundation sent 2.64 million USDt (USDT) and 1.25 million GRAM tokens, valued at about $2.022 million when transferred, to one publicly identified RSquad wallet between Jan. 17, 2025, and June 19, 2026. They said the payments funded work on BTC Teleport, TON Pay, and the TON Rust Node, while noting that earlier wallets and connected addresses weren’t included in the total.

TON Foundation sent at least $4.66M to one public @rsquadlab wallet from Jan 2025 to Jun 2026: $2.64M USDT plus 1.25M GRAM worth $2.022M when transferred.

Earlier addresses and connected wallets are not included. pic.twitter.com/2AesGVALke

— Rivol (@realRivol) July 15, 2026

The complaint argues that the same pattern repeated across all three projects. Rivol alleges BTC Teleport remained on testnet before development shifted to TON Pay. After TON Pay stopped receiving updates, RSquad moved to the Rust Node project, which received the largest transfer before its final public release.

The same cycle repeated three times.

BTC Teleport stayed on testnet. TON Pay followed.

TON Pay stopped updating. Rust Node followed.

After the largest Rust payment, the final node release shipped. Five days later TON removed it from official docs. pic.twitter.com/ublS5oB5o1

— Rivol (@realRivol) July 15, 2026

Project timelines and GitHub records

Rivol said they had submitted eight reports to the Swiss regulator covering 11 blockchain transfers, wallet attribution, and development histories for the three projects. Their evidence includes GitHub commit activity, repository updates, and documentation changes.

I submitted evidence from my RSquad investigation to the Swiss Federal Supervisory Authority for Foundations. Eight reports cover 11 verified transfers totaling 2.64M USDT and 1.25M GRAM, wallet attribution, and three TON projects. I’ll publish any substantive response. pic.twitter.com/8Mkku8mgRU

— Rivol (@realRivol) July 16, 2026

The investigation notes that BTC Teleport’s last mainline commit was recorded on Dec. 10, 2025, and the feature was later removed from MyTonCtrl in July 2026. It also points to TON Pay receiving only limited public development before updates stopped in March 2026. For the Rust Node, Rivol said the final 1.25-million-GRAM transfer arrived on June 19, followed by version 0.9.0, before TON removed related documentation from its official website days later.

Allegations raise broader governance questions

Beyond the individual projects, Rivol argues the funding reflects weak oversight of foundation resources. They compare the alleged RSquad payments with TON Foundation’s publicly announced 2026 developer support programs, which allocated about $69,000 in total.

Those claims remain unproven. The Swiss regulator hasn’t announced any findings, and the complaint represents the researcher’s interpretation of publicly available records rather than a regulatory conclusion. TON Foundation hadn’t publicly responded to the allegations at the time of writing.