Toncoin in Scammer Crosshairs: Telegram-TON Buzz Sparks Concern

Crypto News- In a concerning development, scammers are preying on unsuspecting Toncoin holders, leveraging the recent buzz around Telegram’s endorsement of The Open Network (TON) blockchain.

Reports shared with Cointelegraph by cybersecurity experts at Kaspersky shed light on a sophisticated cryptocurrency scam targeting Telegram users worldwide. The scam, which has been operational since at least November 2023, coinciding with the surge in interest in TON, employs a multi-layered approach to deceive users.

Toncoin in Scammer Crosshairs: Telegram-TON Buzz Sparks Concern

The modus operandi begins with scammers enticing potential victims with promises of lucrative returns through an exclusive earning program shared via links circulated by friends or acquaintances. Victims are then directed to an unofficial Telegram bot, purportedly offering secure storage for cryptocurrencies, and encouraged to link their Web3 wallets to the bot’s system.

To add a veneer of legitimacy, victims are instructed to acquire Toncoin through legitimate channels like the official Telegram bot or cryptocurrency exchanges. However, this is where the trap is set. Victims are coerced into purchasing ‘boosters’ through a separate bot, falsely promised as a prerequisite for earning profits.

Trap Set: Beware the Deceptive ‘Boosters’ in the Toncoin Scam

The ‘boosters,’ labeled with enticing names like ‘bike,’ ‘car,’ ‘train,’ ‘plane,’ or ‘rocket,’ come with price tags ranging from 5 to 500 Toncoins. Once purchased, victims lose control of their cryptocurrency irrevocably, with losses ranging from $2 to a staggering $2,700.

In a bid to perpetuate the scam, scammers also lure victims into a referral program, requiring them to create private Telegram groups and recruit five friends or contacts. Each successful referral supposedly adds to the victim’s earnings, creating a classic pyramid scheme.

However, as Kaspersky’s analysts point out, the only beneficiaries are the scammers themselves. Victims lose their investments, highlighting the pernicious nature of such schemes.

Cointelegraph has reached out to Kaspersky for further details on the scale of the scam and the total losses incurred. Stay tuned for updates as the story unfolds.