Phishing Scams Target TON Users

The Telegram Open Network (TON) ecosystem has been hit hard by a wave of phishing attacks during a period of remarkable growth. In 2024, the Total Value Locked (TVL) within the network surged by an astounding 4,500%. Cybercriminals primarily targeted accounts created with anonymous Telegram numbers, exploiting vulnerabilities to steal assets, including NFTs and native tokens.

What Methods Do Cybercriminals Use?

Phishing strategies employed by attackers included deceptive airdrop schemes and other fraudulent techniques. Once access to a user’s TON wallet was obtained, cybercriminals could siphon off digital assets. According to Yu Xian, the founder of blockchain security firm SlowMist, these scams were mainly propagated through Telegram group chats. Access COINTURK FINANCE to get the latest financial and business news.

The risk increased significantly after Telegram allowed account creation with anonymous numbers, bypassing the need for SIM cards. While this feature enhanced user accessibility, it inadvertently heightened security risks.

When Are Risks Amplified?

The threat level escalates if users neglect to enable additional security layers such as separate passwords or two-factor authentication. A successful phishing attack can jeopardize not only the user’s TON wallet but also their Telegram account.

Despite these security challenges, the TON ecosystem has experienced substantial growth. The decentralized Layer-1 Blockchain saw daily transfer volumes rise to 10% of Bitcoin‘s average figures. Notably, Bitcoin’s daily transfer volume hovers around $50 billion, while TON’s has been between $5 billion and $10 billion recently.

Key Developments Fueling Growth

Several key initiatives have driven this activity. Telegram’s new advertising system, which redistributes half of channel revenues in TON cryptocurrency, has been a major catalyst. Additionally, the launch of The Open League program in April provided a long-term incentive structure to engage and reward stakeholders within the TON community.

Recent data from DeFiLlama highlighted that TON’s TVL has soared to around $650 million, marking an increase of nearly 7% in just one week. This dramatic rise represents over a 4,540% increase since early 2024, when the TVL was approximately $14 million.

Concrete Security Measures

– Enable two-factor authentication to add an extra layer of security.
– Avoid using anonymous numbers for account creation, if possible.
– Regularly update passwords and use unique, strong combinations.
– Be cautious of unsolicited messages offering airdrops or other incentives.

While the impressive growth of the TON ecosystem highlights its potential, it also underscores the need for robust security measures to protect users from escalating phishing threats.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.