This significant increase in hoaxes comes amid the platform's exponential growth in 2024. Yu Xian, CEO of blockchain security firm SlowMist, has raised concerns
Messaging
titan Telegram's
conjoined blockchain
platform, The
Open Network (TON), is
purportedly experiencing a
dramatic surge in phishing
activities. This
rapid increase in hoaxes comes
amid the platform's
rapid growth in 2024. Yu Xian, the
founder of blockchain security
firm SlowMist, has raised concerns about the growing
propensity of phishing
activities targeting the TON
ecosystem. Highlighting TON's
ecosystem, which includes a
diverse of decentralized
applications (DApps) and tokens built on the TON blockchain, makes it a
lucrative target for cybercriminals. Moreover, Xian attributed this rise in phishing activity to the
facility with which scammers can
infiltrate Telegram message groups. These groups often become breeding grounds for
disseminating malicious links and bot forms
disguised as airdrops or other
alluring offers. Unsuspecting users who interact with these scams risk losing their
entire TON wallet
holdings, including NFTs. One of Telegram's
unique features that has
led to the vulnerability within the TON
ecosystem is the “anonymous numbers” feature. Making its debut in late 2022, this
unique feature
empowers users to create Telegram accounts without a SIM card,
relying on blockchain technology. While this feature ensures
robust privacy, it also
poses a security challenge. If a user's anonymous number is
compromised through a phishing attack, they could lose
access to their
entire Telegram account unless additional security measures like two-step verification or a separate password are
in place. This lack of traditional identification methods makes anonymous accounts
particularly attractive targets for cybercriminals. Despite the security concerns, TON
boasts significant financial growth.
According to data from DefiLlama, the total value
locked (TVL) within various TON projects,
accounting for the combined value of cryptoassets deposited in DeFi (decentralized
finance) applications, has
surged by a
whopping 4,500% since the beginning of 2024, reaching a
current value of $648 million.
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