July 14, 2024
Phishing attacks
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Surge in Phishing Attacks Targets Growing TON Ecosystem

Expert Warns of Increasing Phishing Activities

The Open Network (TON), a blockchain platform linked to Telegram, is under significant pressure from a surge in phishing attacks, a prominent blockchain security expert has cautioned. The founder of SlowMist, a blockchain security firm, highlighted that the TON ecosystem, encompassing various decentralized applications (DApps) and tokens, has become a prime target for phishing attackers amid its rapid growth in 2024.

“There are more and more phishing activities in the TON ecosystem,” SlowMist founder Yu Xian stated in a post on X on June 23.

Phishing Vulnerabilities in the TON Ecosystem

According to Xian, the vulnerabilities within the TON ecosystem are primarily due to the ease with which scammers can access message groups and post phishing links. He explained that the openness of the Telegram ecosystem allows phishing links and deceptive bot forms to spread through message groups and airdrops, luring users and compromising their TON wallets in large numbers.

“The Telegram ecosystem is too free, and many phishing links—or bot forms—aare spread through message groups, airdrops, and other deceptive methods to lure away users’ TON wallets in batches,” Xian remarked.

Anonymous numbers pose higher risks.

Telegram users who utilize anonymous numbers to create accounts are particularly susceptible to phishing attacks. These numbers, which are not tied to SIM cards, were introduced on Telegram in late 2022 and can be obtained through blockchain-based platforms like Fragment. Xian noted that if these accounts are phished, the corresponding Telegram account could be lost unless the user has enabled an independent password or two-step verification.

“If these are phished away, it means that the corresponding Telegram account may also be lost, unless the user has enabled an independent password, or two-step verification,” Xian explained.

TON Ecosystem’s Exponential Growth and Associated Risks

The rise in phishing activity parallels the massive growth of TON-based projects, including the native cryptocurrency Toncoin (TON) and the play-to-earn token Notcoin (NOT). These projects have gained significant traction among Telegram users, contributing to a substantial increase in the ecosystem’s total market capitalization and total value locked (TVL). As of now, the TON ecosystem hosts 43 tokens with a combined market cap of $19.2 billion, while the TVL has surged by 4,500% since January 1, 2024, reaching $648 million.

In light of this exponential growth, numerous security platforms have issued warnings about phishing and scam attacks. In April, cybersecurity experts from Kaspersky alerted the public to a major scam targeting TON ecosystem users. This scam involves unofficial Telegram bots designed to steal users’ coins by linking their Wallet, a third-party cryptocurrency wallet on Telegram, to the bot system.

Conclusion

The TON ecosystem, despite its rapid expansion and increasing popularity, faces significant security challenges from phishing attacks. As the ecosystem grows, so does the need for heightened vigilance and improved security measures to protect users from scams and phishing schemes. Ensuring the safety of users’ assets and personal information within the TON ecosystem remains a critical priority for both users and security experts.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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