As Ethereum phishing becomes more difficult, scammers are focusing on emptying TON wallets, taking advantage of Telegram’s booming games and airdrop ecosystem.
TON’s Rapid Rise and the Threat of a Drain
The TON blockchain has seen remarkable success in 2024. Toncoin has seen a surge in value, more than 5x in a year. This surge has pushed it into the top 10 cryptocurrencies by market cap. Popular games like Notcoin and Hamster Kombat have offered airdrops, increasing TON’s daily active addresses, surpassing Ethereum.
Telegram’s 900 million users give TON huge potential and excites its supporters. However, it also attracts crypto drains that were previously active on Ethereum. As Ethereum security is strengthened, these scammers are now moving to TON.
Israel-based security firm Blockaid reports that there is a growing interest in cryptocurrency swindlers in the TON ecosystem. Blockaid co-founder Raz Niv highlights the enormous value flowing through $TON, making it a prime target for swindlers. The influx of new cryptocurrency users lured into the platform by the game is easy prey for these scammers.
Understanding Emptying Your Wallet
Wallet drainers are fraudulent tools used by developers to help criminals steal cryptocurrencies. Scammers lure investors through phishing links and trick them into handing over control of their wallets. Common tactics include replying to posts about trading being suspended with fake offers of support, which then directs victims to a fraudulent website that drains their wallets.
In May 2024, victims lost $42 million to phishing scams, 80% of which came from Ethereum. As Ethereum’s security tools improve, draining companies are looking for new opportunities. A major threat to the draining industry is Blockaid, which simulates transactions to detect suspicious activity and alerts users. This has forced many draining companies to close shop or move to less secure networks like TON.
Stay safe!
Vulnerabilities of TON
TON multiplier activity is relatively new, and wallets lack the advanced security tools found in older blockchains like Ethereum. One notable scam involved phishing victims with the promise of 5,000 USDT. The scam used TON’s comment feature to allow for custom messages to be included in the transfer. The victim unknowingly signed up for the token multiplier, losing a significant amount of money. One multiplier reportedly made at least 22,000 TON ($152,000) this way.
Scam Sniffer has recently detected a surge in TON-related phishing sites. TON drain scripts are being sold on Telegram for $300.
Isn’t that crazy?
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Migration to TON of drains
As security has improved, it has become increasingly difficult for miners to operate on Ethereum. Blockaid has seen a significant drop in miner activity since it integrated with wallets like MetaMask and Coinbase. This has led scammers to explore new blockchains, and TON has emerged as a prime target.
Blockaid continues to develop security measures for various blockchains, including TON, but the details are kept secret to prevent fraudsters from bypassing the defenses.
TON’s growing popularity and the associated risks
The integration of the TON network with Telegram has fueled an explosion of user growth driven by viral “tap to earn” games that offer airdrops. Notcoin and Hamster Kombat have attracted millions of users, pushing TON’s daily address count above Ethereum. But where there are users and profits, scammers are never far behind.
Telegram’s privacy features make it an attractive platform for illicit activities, including draining. Telegram channels monitored by the magazine show crypto criminals trading services such as SIM swapping and account trading. Draining is a common offering in these circles.
Dark Web on Telegram
Telegram has been dubbed the new “dark web” as it has become increasingly popular with cybercriminals. A separate Telegram channel was found selling the TON drainer script for $1,000. The script only works with the Tonkeeper wallet and is limited to Toncoin and Jetton tokens.
The millions of new users on the TON blockchain, lured by airdrops and games, are often crypto novices. They are first exposed to wallets and seed phrases, making them easy targets for drainers. Unfortunately, Blockaid does not yet support TON wallets, leaving these users vulnerable.
The cat and mouse game continues
Blockaid’s Niv describes the ongoing battle between security firms and drainers as a “cat and mouse game.” As security measures are implemented on one blockchain, drainers move to another. As TON’s popularity grows, the network is becoming a new hotspot for drainer activity.
Security companies like Blockaid are constantly working to stay ahead of these threats, developing new tools and countermeasures to protect users. But once one network is secured, the drowser moves on to the next network, perpetuating the cycle.
conclusion
TON’s rapidly growing user base and Telegram’s privacy features are creating new opportunities for Drain. The lack of advanced security tools on the TON network is exacerbating users’ vulnerabilities. As the cat-and-mouse game between security companies and cybercriminals continues, new threats will undoubtedly emerge. TON is currently the latest battleground in the ongoing fight against cryptocurrency Drain.
Final Thoughts
TON’s success and growing user base offer tremendous potential for mass adoption. However, this success also attracts scammers. As the network grows, it is important for users to remain vigilant and for security companies to develop robust tools to protect this promising ecosystem.
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You may also want to read our blog about our summer airdrop recommendations.
