Phishing Floods TON Ecosystem. A blockchain security expert has cautioned that the Telegram-linked blockchain platform, The Open Network (TON) ecosystem, is becoming more vulnerable to phishing assaults. The creator of the blockchain security company SlowMist claims that phishers have been targeting the TON ecosystem, which includes TON-based coins and decentralized apps (DApps), more frequently during 2024 due to the community’s chaotic expansion.
The creator of SlowMist, Yu Xian, noted in an X post on June 23 that “phishing activities in the TON ecosystem” are becoming increasingly common. Xian claims that scammers’ ease of access to TON messaging groups, where they publish phishing links, is one of the TON ecosystem’s vulnerabilities. “The Telegram ecosystem is too free, and many phishing links — or bot forms — are propagated through conversation groups, airdrops, and other deceptive means to entice away users’ TON wallets in batches,” the CEO noted.”
Users Using Anonymous Telegram numbers are Riskier
Xian pointed out that using anonymous numbers to create Telegram accounts not associated with SIM cards increases the potential for phishing for users. “Unless the user has enabled an independent password or two-step verification, the corresponding Telegram account may also be lost if these are phished away,” the security expert stated.
In late 2022, Telegram included the “anonymous numbers” option so users could log in without using a SIM card. Anonymity numbers based on the blockchain, available on platforms like Fragment, can replace SIM cards to authenticate.
TON Ecosystem TVL is up 4,500% in 2024
Toncoin (TON), the native cryptocurrency of TON, and Notcoin (NOT), a play-to-earn token, are among the many TON-based projects that have recently seen an uptick in phishing attacks. In 2024, TON’s ecosystem saw a surge in popularity among Telegram users due primarily to clicker games and tokens such as Notcoin.
Bitget statistics show that, as of this writing, 43 tokens are in the Phishing Floods TON Ecosystem, and their combined market cap is $19.2 billion. According to DefiLlama data, the total value locked (TVL) in various TON projects has increased by 4,500% since Jan. 1, 2024, and is currently $648 million. Numerous security organizations have been alerting consumers about the dangers of phishing and fraud attempts due to the exponential rise of TON in 2024.
Security specialists from the antivirus firm Kaspersky publicized a vast scam involving users of the TON ecosystem in April. However, Scammers use unofficial Telegram bots and similar programs to steal cryptocurrency from users’ Wallets, which are third-party wallets on Telegram, by connecting them to the bot system.
At the time of publication, after approaching the organization for comment, Coinindesk had not heard back from the TON Foundation on the increasing frequency of phishing attempts on the TON ecosystem.
