• Amid the ongoing growth in 2024, The Open Network (TON), linked to Telegram, is facing a surge in phishing attacks.
• Security experts have warned that the platform’s open nature and the popularity of certain features create vulnerabilities that scammers exploit.

The Open Network, TON, blockchain platform linked to messaging giant Telegram, is experiencing a significant surge in phishing activities. 

This rapid increase in hoaxes comes amid the platform’s rapid growth in 2024. 

Yu Xian, founder of blockchain security firm SlowMist, has raised concerns about the growing tendency of phishing activities targeting the TON ecosystem.  Security experts have warned that the platform’s open nature and the popularity of certain features create vulnerabilities that scammers exploit. TON wallets in batches, SlowMist said:

There are more and more phishing activities in the TON ecosystem. The Telegram ecosystem is too free, and many phishing links (or bot forms) are spread through message groups, airdrops, and other deceptive methods to lure away users’

These attacks aim to steal users’ TON wallets, which hold cryptocurrencies and other digital assets built on the TON blockchain. According to Yu Xian, highlighting TON’s ecosystem, which includes a variety of decentralized applications (DApps) and tokens built on the TON blockchain, makes it a lucrative target for cybercriminals. 

Additionally, Xian attributed this rise in phishing activity to the ease with which scammers can infiltrate Telegram message groups. These groups often become breeding grounds for spreading 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. 

Highlighting 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 enables 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 crypto assets 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.

 As reported earlier on Crypto News Flash, the rising popularity of the cryptocurrency stems from several factors, including the popular game “ Notcoin,” where users can earn token rewards. Additionally, TON’s strengthened partnership with Tether expounds on adopting the stablecoin USDT within the TON ecosystem.

As TON continues on its growth trajectory, investors should remain vigilant.  The rising cases of phishing attacks and scams need a considerable amount of attention. To strengthen this objective, developers can contribute by implementing robust security measures within their platforms and educating users about responsible crypto practices.

TON is exchanging hands at $7.51 at the time of writing, marking a substantial  6.49% surge in the last 7 days.