The Open Network (TON), a blockchain platform connected to Telegram, is currently grappling with an increase in phishing attacks, according to a blockchain security expert. SlowMist founder Yu Xian revealed that the TON ecosystem, which encompasses decentralized applications and tokens based on the TON blockchain, has become a prime target for phishing attackers during its turbulent growth in 2024.
Xian explained that scammers are taking advantage of the easy access to message groups in the TON ecosystem to post phishing links. Users with anonymous numbers on the Telegram messenger are particularly vulnerable to phishing risks. Anonymous numbers allow users to create Telegram accounts without tying them to SIM cards, but if these numbers are compromised, it could result in the loss of the corresponding Telegram account, unless the user has implemented additional security measures such as an independent password or two-step verification.
The TON ecosystem has experienced a surge in phishing activity coinciding with the significant growth of TON-based projects, including the native cryptocurrency Toncoin (TON) and the play-to-earn token Notcoin (NOT). These tokens, along with clicker games, have gained immense popularity among Telegram users and have contributed to the ecosystem’s overall growth. Currently, the TON ecosystem boasts 43 tokens with a total market capitalization of $19.2 billion and a total value locked (TVL) of $648 million across various projects, representing a 4,500% increase since the beginning of 2024.
As TON continues to expand exponentially, security platforms have been cautioning users about the rising threat of phishing and scam attacks. In April, cybersecurity firm Kaspersky issued a warning about a major scam involving TON ecosystem users, which utilized unofficial Telegram bots to steal users’ coins by linking their Wallet to the bot system.
Cointelegraph reached out to the TON Foundation for comment on the escalating number of phishing attacks, but no response was received at the time of publication.