Increased Phishing Attacks Threaten The Open Network (TON) Ecosystem, Expert Warns

Increased Phishing Attacks Threaten The Open Network (TON) Ecosystem, Expert Warns

The Open Network (TON), a blockchain platform closely linked to Telegram, is under growing pressure due to a surge in phishing attacks within its ecosystem, according to a prominent blockchain security expert.

Yu Xian, the founder of the blockchain security firm SlowMist, highlighted the increasing frequency of phishing attacks targeting the TON ecosystem. This ecosystem, which includes a variety of decentralized applications (DApps) and tokens built on the TON blockchain, has experienced notable growth and turbulence in 2024.

“There are more and more phishing activities in the TON ecosystem,” Xian stated in a post on X (formerly Twitter) on June 23.

Xian pointed out that the vulnerabilities exploited by phishing attacks in the TON ecosystem are largely due to the ease with which scammers can access message groups and disseminate phishing links. He explained:

“The Telegram ecosystem is too open, allowing numerous phishing links — or bot forms — to be spread through message groups, airdrops, and other deceptive methods, leading to mass theft of users’ TON wallets.”

Increased Risk for Telegram Users with Anonymous Numbers

The risk of phishing attacks is particularly high for Telegram users with anonymous numbers, which are used to create accounts not linked to SIM cards. Xian warned that if these accounts are compromised, the associated Telegram account could also be lost unless the user has enabled an independent password or two-step verification.

Telegram introduced the option to use “anonymous numbers” in late 2022, allowing users to log in without a SIM card. Instead, users can utilize blockchain-based anonymous numbers available on platforms like Fragment.

Exponential Growth of TON Ecosystem and Rising Threats

The rise in phishing attacks coincides with significant growth in the TON ecosystem, including its native cryptocurrency Toncoin (TON) and play-to-earn token Notcoin (NOT). These tokens, especially Notcoin, have gained substantial popularity among Telegram users, driving the ecosystem’s expansion.

As of now, the TON ecosystem comprises 43 tokens with a total market capitalization of $19.2 billion, according to BitGet data. The total value locked (TVL) in various TON projects has soared to $648 million, marking a 4,500% increase since January 1, 2024, as per DefiLlama statistics.

Security Warnings Amid Rapid Growth

In light of TON’s rapid growth in 2024, several security platforms have issued warnings about phishing and scam attacks. In April, cybersecurity firm Kaspersky alerted the public to a significant scam targeting TON ecosystem users. The scam involves unofficial Telegram bots designed to steal users’ coins by linking their Wallet, a third-party cryptocurrency wallet on Telegram, to the bot system.

Despite these concerns, the TON Foundation has not yet responded to inquiries about the rising number of phishing attacks within its ecosystem at the time of publication.