Messaging app Telegram is seeing an increase in the number of scams focused on the Toncoin (TON) ecosystem, according to a report by blockchain journalist Colin Wu.
Citing blockchain security firm SlowMist, Wu says “a lot of phishing attacks” are currently occurring in the layer-1 blockchain ecosystem backed by Telegram.
“Many phishing links (or bots) are spread through groups using fake airdrops and other methods to hack assets in users’ TON wallets, especially anonymous Telegram numbers. Many people use it to create a Telegram account, and if it is stolen, that Telegram account can also be stolen if you do not activate a separate password.”
In addition to phishing scams, cybersecurity firm Kaspersky highlighted a Toncoin-centric pyramid scheme being carried out on Telegram last April.
“Scammers promote ‘top secret cool bots’ and referral links as the key to earning Toncoin. Simply put, you invest money, buy ‘booster’ tariffs, invite friends, and earn commissions from every coin you invest. Pyramid schemes encourage large investments with the promise of higher returns.
Our data shows that this scam has been active since at least November 2023 and has targeted both Russians and users from other countries.
… Scammers promise income from two sources.
– Fixed payment of 25TON per invited friend.
– A commission based on the booster rates purchased through your referral.
This turned out to be a classic pyramid scheme where each participant was a ‘partner, not a freeloader’. Unfortunately, no one but the fraudster profits and all ‘partners’ lose their investment.”
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