Phishing attacks threaten booming TON network amid rising TVL

Phishing attacks threaten booming TON network amid rising TVL

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.

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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.

Posted In: TON, Hacks, Scams