Cryptocurrencies

A blockchain security expert has warned that the blockchain platform linked to Telegram,

Telegram’s blockchain platform, The Open Network (TON), is facing pressure from increasing phishing attacks on its ecosystem, a blockchain security expert has warned.

According to the founder of blockchain security company SlowMist, the TON ecosystem – which includes many decentralized applications (DApps) and tokens based on the TON blockchain – has been increasingly targeted by phishing attackers amid its growth turbulent in 2024.

“There are more and more phishing activities in the TON ecosystem,” wrote Yu Xian, founder of SlowMist, in an article on X on June 23.

According to Sheyan, phishing vulnerabilities in the TON ecosystem are linked to scammers’ easy access to message groups, where they spread phishing links. The executive said:

“The Telegram ecosystem is very free and many phishing links – or bot templates – are distributed via group messages, airdrops and other deceptive methods to lure users’ TON wallets in batches. »

Telegram users with unknown numbers are more vulnerable

Sheyan noted that the risk of phishing on Telegram Messenger is higher for users with anonymous numbers, which are used to create Telegram accounts that are not linked to SIM cards.

“If it is phishing, this means that the corresponding Telegram account may also be lost, unless the user activates a separate password or two-step verification,” wrote the security expert.

The “Anonymous Numbers” option was introduced on Telegram in late 2022, allowing users to log in to Telegram without using a SIM card.

Instead of relying on a SIM card, users can log in using anonymous blockchain-based numbers available on platforms like Fragment.

TON ecosystem TVL increased by 4,500% so far in 2024

The increase in phishing activity on the TON ecosystem comes amid massive growth in TON-based projects, including TON’s native cryptocurrency Toncoin (TON), as well as play-to-earn token Notcoin (NOT).

Click games and tokens like Notcoin have become one of the main drivers of the TON ecosystem in 2024, gaining immense popularity among Telegram users.

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At the time of writing, the TON ecosystem contains 43 tokens with a total market capitalization of $19.2 billion, according to data from BitGet. The total value locked (TVL) in various TON projects currently stands at $648 million, up 4,500% since January 1, 2024, according to data from DefiLlama.

Total value locked (TVL) in the TON ecosystem since 2023. Source: DefiLlama

Amid TON’s explosive growth in 2024, many security platforms have warned users about phishing and scam attacks.

In April, security experts from cybersecurity firm Kaspersky warned the public about a major scam involving users of the TON ecosystem. The fraud scheme involves tools such as unofficial Telegram bots used to steal users’ coins by linking their wallet, a third-party cryptocurrency wallet on Telegram, to the bot’s system.

Cointelegraph reached out to the TON Foundation for comment regarding the growing number of phishing attacks on the TON ecosystem, but had not received a response at the time of publication.

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