Phishing attacks threaten booming TON network amid rising TVL

Share This Post

Fast-rising blockchain platform The Open Network (TON) is under increasing threat from phishing attacks, according to Yu Xian, the founder of blockchain security firm SlowMist.

Xian highlighted the growing prevalence of phishing links and bots on TON. He attributes this rise to the network’s open nature, which makes it a fertile ground for scammers. He said:

“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.”

Xian further stated that Telegram users with anonymous numbers, often not linked to SIM cards, face a higher risk of phishing attacks. He added:

“If these [anonymous numbers] are phished away, it means that the corresponding Telegram account may also be lost, unless the user has enabled an independent password, i.e. Two-Step Verification.”

Hardware wallet provider Keystone further corroborated Xian’s warning, highlighting that TON hackers employ some of the most common phishing methods, including Zero-amount transfers and airdropping NFTs to their target’s address.

Phishing scams are a significant threat in the crypto space. In these scams, attackers impersonate legitimate entities to steal sensitive data and gain access to their victims’ crypto wallets.

According to a report by Scam Sniffer, Wallet Drainers, a type of phishing malware, are often used on phishing websites to trick users into signing malicious transactions. This year alone, over $200 million worth of digital assets have been lost to these scams.

TON network blooms

Over the past months, TON has experienced significant growth, driving its total value locked (TVL) to unprecedented levels. According to DeFiLlama data, TON’s TVL has surged to approximately $649 million, a substantial increase from $151 million recorded just three months ago on April 25.

Further, Tonstat data indicates a concurrent rise in monthly active wallets and total accounts. As of now, the network boasts over 4.8 million monthly active wallets. There are over 9 million activated wallets, with an average of 49,000 new activations daily.

This impressive growth is mainly due to TON’s integration with Telegram. The recent introduction of tap-to-earn games like Notcoin, Hamster Kombat, and Blum has significantly boosted TON’s popularity, leading to increased usage and wallet activations.

The post Phishing attacks threaten booming TON network amid rising TVL appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

AI and Metaverse Combo Could Create More Interactive, Personal Virtual Worlds, Says Tech Veteran

According to Paul Thomas, a seasoned technologist and founder at Somnia, artificial intelligence (AI), like the metaverse before it, is currently experiencing hype This hype cycle will continue to be

Here’s Why Dogecoin And Shiba Inu Price Surged

Dogecoin (DOGE) and Shiba Inu (SHIB) have witnessed notable price surges over these past few days This price rally for the leading meme coins is believed to be driven by the flagship cryptocurrency,

Nigeria Acts to Defend Naira After Currency Hits New Record Low

The Central Bank of Nigeria recently sold US dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback The central bank stated that eligible BDCs can sell the dollars to end-users

Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH

Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term He made this assertion based on his belief that the Spot Ethereum ETFs will

Messari CEO Selkis Resigns After Controversial Political Posts

Ryan Selkis, founder of Messari, has stepped down as CEO, following controversial social media posts He will transition to Senior Advisor, while Eric Turner takes over as interim CEO “This week

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week According to the latest on-chain data, this might only be the beginning for SOL’s price,