Security experts from SlowMist are raising alarms about a significant rise in phishing attacks within The Open Network (TON), a blockchain platform linked to Telegram.
As TON rapidly expands in 2024, these attacks are increasingly targeting decentralized applications (DApps) and tokens on its blockchain.
SlowMist’s founder, Yu Xian, noted that phishing activities in the TON ecosystem are on the rise.
These scams aim to deceive users into revealing their TON wallet details, potentially leading to substantial cryptocurrency losses.
A particular vulnerability lies with users who have anonymous Telegram accounts, which do not require SIM cards.
Without additional security measures like passwords or two-step verification, losing access to these accounts could result in losing control over associated TON wallets.
This surge in phishing attacks coincides with TON’s explosive growth.
The platform’s Total Value Locked (TVL) has increased by 4,500% in 2024, driven by the popularity of projects like Toncoin (TON) and Notcoin (NOT).
Many Telegram users participate in play-to-earn gaming and token activities, making them prime targets for scammers.
The anonymous number feature on Telegram, introduced in late 2022, was designed to enhance user privacy by allowing SIM-free logins.
However, this feature has also provided scammers with opportunities to exploit users who have not implemented strong security measures.
As TON’s ecosystem continues to grow, stakeholders must adopt stringent security protocols to protect their assets from phishing threats.
Balancing openness and security remains a pivotal challenge for the blockchain community to maintain trust and support the sustained growth of decentralized platforms like TON.