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Ton's Ecosystem is Boiling Over With Phishing Traps

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By Augustine Mbam - - 5 Mins Read
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The TON Telegram Network is currently facing a surge in phishing attacks.

Yu Xian, founder of SlowMist, raised the alarm by posting on his official X profile about this troubling trend.

"There are more and more phishing activities in the TON ecosystem. The Telegram ecosystem is too free, and many phishing links (or bot forms) are spread through message groups, airdrops, and other deceptive methods," Xian posted through his Twitter account, which goes by the handle @evilcos. 

According to Xian, the TON ecosystem is particularly vulnerable due to its open nature, which makes it a fertile ground for phishing scams.

Phishing isn't new, but its high prevalence in the TON Telegram Network is concerning.

Hackers employ various deceptive tactics to trick users into revealing their personal information, like passwords.

These methods often involve creating fake profiles, websites, or apps that seem real.

Within Telegram, hackers fabricate phishing bots and fake channels to deceive users.

A common method involves creating a counterfeit version of a legitimate Telegram channel.

The hacker then deceives the channel's administrator into believing they interact with the genuine channel, coaxing them to input their login details.

Once the hacker obtains these credentials, they can gain access to the channel and pilfer information or assets.

Also read: TON Officially a TOP 10  Crypto, What's the Next Price Target?

Impact on Crypto Assets

The main targets of TON phishing attacks are cryptocurrency and NFTs.

With Telegram incorporating transactions on the TON network, the risks have increased.

Hackers are now specifically targeting Telegram users' crypto wallets, which are connected to their phone numbers and vulnerable to phishing without two-step verification.

Phishing attacks on Telegram often involve fake profiles created by automatic phishing bots. These bots trick users into sharing their login details, which are then used to steal their cryptocurrency.

The issue is made worse by the fact that even though Telegram's wallet system is designed to be protective, it cannot always stop these unauthorized transactions once the hackers have the correct user credentials.

Telegram's Open Nature and User Risk

While Telegram’s open platform is a strength in many respects, it has also contributed to the proliferation of fake profiles and phishing scams.

Scammers frequently impersonate well-known figures in the crypto world, luring unsuspecting users into sending funds.

The TON Telegram Network's approach does not inherently disadvantage scammers but makes less experienced users particularly vulnerable.

While those familiar with the ecosystem can often avoid these traps, new users or those with limited knowledge are at higher risk.

Telegram, launched in 2013, has grown and now boasts over 900 million monthly active users.

The TON network, originating from Telegram’s crypto project, was introduced in 2018 and relaunched in 2022. 

TON's network has experienced significant growth, with its Total Value Locked (TVL) soaring from less than $15 million at the end of 2023 to $630 million today.

This positioning makes it one of the leading crypto ecosystems, closely trailing behind more established crypto projects like Cronos or Cardano.

Furthermore, with less than 700 million dollars of TVL, there are also some of the main layer-2 of Ethereum, such as Optimism, or essential chains in the DeFi field like Avalanche. For example, Polygon is at less than 850. So, in any case of doubling, TON would enter the top 10, surpassing Bitcoin.