The Open Network (TON), a blockchain platform connected to Telegram, is under threat from a growing number of phishing attacks within its ecosystem, as warned by a blockchain security expert.
In a recent post on June 23, SlowMist founder Yu Xian highlighted the rise in phishing activities targeting the TON ecosystem, which comprises decentralized applications (DApps) and tokens built on the TON blockchain. Xian pointed out that scammers are taking advantage of easy access to message groups to share phishing links, putting users at risk, especially those with anonymous numbers on Telegram.
Users with anonymous numbers are particularly vulnerable to phishing attacks on the Telegram messenger, as these numbers are not tied to SIM cards. If scammers manage to obtain these numbers, they could potentially gain access to the corresponding Telegram accounts, unless users have additional security measures in place like independent passwords or two-step verification.
Introduced in late 2022, the option of using anonymous numbers on Telegram allows users to log in without a SIM card by utilizing blockchain-based numbers offered by platforms such as Fragment.
The increase in phishing incidents on the TON ecosystem coincides with the rapid expansion of TON-based projects, including its native cryptocurrency Toncoin (TON) and the play-to-earn token Notcoin (NOT). Games like Clicker and tokens such as Notcoin have become popular among Telegram users, fueling the growth of the TON ecosystem.
As of now, the TON ecosystem consists of 43 tokens with a combined market capitalization of $19.2 billion, with a total value locked (TVL) of $648 million across various TON projects, marking a 4,500% surge since the beginning of 2024, according to DefiLlama data.
With the exponential growth of TON in 2024, security platforms are issuing warnings about the increasing threat of phishing and scam attacks. In a recent development, security experts from Kaspersky cautioned the public about a major scam targeting TON ecosystem users, involving unofficial Telegram bots that aim to steal users’ coins by linking their Wallet to the bot system.
Despite these concerns, the TON Foundation has not yet responded to inquiries regarding the growing number of phishing attacks within the TON ecosystem.
In other news, the SEC has ended its probe into Ether but continues to pursue billions of dollars in penalties from Ripple. This and more in Hodler’s Digest from June 16-22.