The TON Blockchain : Phishing Attacks skyrockets as its TVL increases by 4500%

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The TON Blockchain Braces for Escalating Phishing Attacks as its Ecosystem Flourishes

The Open Network (TON Blockchain), a promising blockchain platform linked to the popular Telegram messaging app, has been experiencing a surge in phishing attacks, posing a significant threat to its rapidly growing ecosystem. As the TON network continues to gain traction, with a staggering 4,500% increase in its total value locked (TVL) in 2024, cybercriminals have been capitalizing on the platform’s rising popularity to target unsuspecting users.

The Vulnerabilities within the TON Ecosystem

According to Yu Xian, the founder of the blockchain security firm SlowMist, the TON ecosystem, which encompasses a diverse range of decentralized applications (DApps) and tokens, has become a prime target for phishing attackers. Xian noted that the vulnerabilities within the TON ecosystem stem from the ease with which scammers can infiltrate Telegram message groups, disseminating phishing links and other deceptive methods to lure users into compromising their TON wallets.

Telegram’s “Too Free” Ecosystem

The TON ecosystem’s integration with Telegram’s messaging platform has been a double-edged sword. Xian explained that the Telegram ecosystem is “too free,” allowing scammers to easily spread “phishing links — or bot forms” through message groups, airdrops, and other deceptive tactics to target TON users in batches.

Risks for Telegram Users with Anonymous Numbers

The phishing risks on the Telegram platform are particularly heightened for users who utilize anonymous numbers to create their accounts. These anonymous numbers, which are not tied to SIM cards, were introduced on Telegram in late 2022, enabling users to log in using blockchain-based anonymous numbers available on platforms like Fragment. Xian warned that if these anonymous numbers are compromised through phishing, it could lead to the loss of the corresponding Telegram account, unless the user has implemented additional security measures like an independent password or two-step verification.

The Explosive Growth of the TON Ecosystem

The Ton Blockchain : Phishing Attacks Skyrockets As Its Tvl Increases By 4500%
the ton blockchain : phishing attacks skyrockets as its tvl increases by 4500%

The surge in phishing attacks on the TON ecosystem coincides with its remarkable growth in 2024. The TON blockchain has witnessed a staggering 4,500% increase in its TVL, reaching a staggering $648 million, according to data from DefiLlama.

The Rise of Toncoin (TON) and Notcoin (NOT)

A significant driver of this growth has been the popularity of TON’s native cryptocurrency, Toncoin (TON), and the play-to-earn token Notcoin (NOT). These tokens have gained significant traction among Telegram users, contributing to the overall expansion of the TON ecosystem.

Related read: The Dangers of Hamster Kombat: A Cautionary Tale from Russia, Ukraine, and Beyond

Clicker Games and Tokens Fueling Growth

The TON ecosystem has also seen a surge in the adoption of clicker games and tokens, such as Notcoin, which have become significant contributors to the platform’s growth in 2024. These gaming-focused applications and tokens have proven to be a major draw for Telegram users, further driving the expansion of the TON ecosystem.

Related Read: Iranians Flock to Telegram-Based Crypto Game Hamster Kombat Ahead of Token Launch

The Increasing Risk of Phishing and Scam Attacks

As the TON ecosystem continues to grow, security experts have repeatedly warned about the escalating risk of phishing and scam attacks targeting its users. In April 2024, the cybersecurity firm Kaspersky alerted the public to a major scam involving unofficial Telegram bots that steal users’ coins by linking their Wallet, a third-party cryptocurrency wallet on Telegram, to the bot system.

Conclusion

The TON blockchain’s rapid growth has unfortunately coincided with a surge in phishing attacks targeting its ecosystem. As the platform continues to gain traction, with its TVL increasing by an astounding 4,500% in 2024, the need for robust security measures and user education has become paramount. The TON Foundation must address these security concerns proactively and work closely with the community to mitigate the escalating phishing threats. Only by prioritizing user safety and transparency can the TON ecosystem realize its full potential and maintain the trust of its growing user base.

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