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SlowMist Alerts to Surge in Phishing Attacks Within TON Ecosystem

ByDayne Lee

Jun 25, 2024

SlowMist Alerts to Surge in Phishing Attacks Within TON Ecosystem

The Open Network (TON), a blockchain platform closely associated with the Telegram messaging service, is experiencing a significant increase in phishing attacks, as reported by security experts. This uptick in fraudulent activities comes during a period of rapid expansion and growing popularity of the platform’s features, including decentralized applications (DApps) and various tokens.

Insights from Blockchain Security Experts

Yu Xian, the founder of the blockchain security company SlowMist, has raised concerns about the growing trend of phishing schemes within the TON ecosystem. On June 23, Xian shared on the social platform X that deceptive tactics are becoming increasingly prevalent, targeting unsuspecting users through various means within the Telegram-based ecosystem.

  • Group Messaging Vulnerabilities: Phishing attackers exploit the open nature of Telegram’s group chats to distribute malicious links and bot forms.
  • Airdrops and Deceptive Tactics: Scammers often use these to distribute fake links, attempting to gain access to users’ TON wallets.

The use of anonymous numbers, a feature enabled on Telegram that allows users to create accounts without a SIM card, has particularly heightened the risks of phishing. These accounts, which can be established using blockchain-based numbers from platforms like Fragment, are especially vulnerable:

  • Account Loss Risks: If these accounts are compromised, users might lose access unless they have set up additional security measures like a unique password or two-factor authentication.

The TON ecosystem has seen remarkable growth in 2024, with its native cryptocurrency, Toncoin (TON), and other tokens like the play-to-earn Notcoin (NOT) driving much of this expansion. Clicker games and tokens such as Notcoin have become significantly popular, further attracting attention to the network.

Statistics on TON’s Growth:

  • Number of Tokens: 43 tokens currently active within the ecosystem.
  • Market Capitalization: $19.2 billion, as per Bitget data.
  • Total Value Locked (TVL): $648 million, marking a 4,500% increase since January 1, 2024, according to DefiLlama.
Total Number of Tokens43Bitget
Market Capitalization$19.2 billionBitget
Total Value Locked (TVL)$648 millionDefiLlama

Warnings from Cybersecurity Experts

In response to the rising threats, various cybersecurity firms have begun issuing warnings. In April, Kaspersky’s team of security experts alerted users to a major scam involving the TON ecosystem. This scam utilized unofficial Telegram bots to steal users’ cryptocurrency by connecting their wallets to these malicious bot systems.

Despite multiple attempts to contact the TON Foundation for comments on these security concerns, there has been no official response at the time of publication. The crypto community and regulatory bodies are urged to remain vigilant and proactive in implementing measures to safeguard against these evolving threats.

As the TON ecosystem continues to expand, the increase in phishing and scam incidents serves as a critical reminder of the persistent threats in the digital asset space. Users and stakeholders must prioritize security and stay informed about the best practices to protect their digital assets in this dynamic environment.

Featured image credit: Freepik

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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