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TON Blockchain Faces Rising Phishing Threats Amid Explosive 2024 Growth, Experts Warn

The Open Network (TON), a blockchain platform linked to Telegram, is facing increased phishing attacks, according to a blockchain security expert.

The founder of SlowMist, a blockchain security firm, has highlighted the surge in phishing activities targeting the TON ecosystem, which includes various decentralized applications (DApps) and tokens.

“There are more and more phishing activities in the TON ecosystem,” SlowMist founder Yu Xian wrote in an X post on June 23.

Xian explained that the vulnerabilities within the TON ecosystem stem from scammers’ easy access to message groups, where they disseminate phishing links.

He stated, “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’ TON wallets in batches.”

Users on Telegram who use anonymous numbers are particularly vulnerable.

These anonymous numbers, which are not tied to SIM cards, were introduced on Telegram in late 2022, allowing users to log in using blockchain-based anonymous numbers available on platforms like Fragment.

“If these are phished away, it means that the corresponding Telegram account may also be lost, unless the user has enabled an independent password, or two-step verification,” Xian noted.

The surge in phishing attacks coincides with significant growth in the TON ecosystem.

The total value locked (TVL) in TON projects has increased by 4,500% in 2024, reaching $648 million, according to DefiLlama data.

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The TON ecosystem now hosts 43 tokens with a combined market capitalization of $19.2 billion, as per Bitget data.

A notable driver of this growth is TON’s native cryptocurrency, Toncoin (TON), and the play-to-earn token Notcoin (NOT), which have gained popularity among Telegram users.

Clicker games and tokens like Notcoin have become significant contributors to the ecosystem’s expansion in 2024.

Amid this rapid growth, security experts have repeatedly warned about the increasing risk of phishing and scam attacks.

In April, cybersecurity firm Kaspersky alerted the public to a major scam targeting TON ecosystem users.

This scam involves unofficial Telegram bots that steal users’ coins by linking their Wallet, a third-party cryptocurrency wallet on Telegram, to the bot system.

Cointelegraph reached out to the TON Foundation for comments on the rising phishing attacks but did not receive a response at the time of publication.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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