Thomas Daniels
Cybersecurity leader Kaspersky has documented a marked increase in fraudulent activities aimed at holders of Toncoin, the native cryptocurrency of The Open Network (TON). This upsurge in scams coincides with heightened interest in the TON blockchain, notably since Telegram, the popular messaging service, enhanced its support for TON.
From November 2023, a notable rise in deceptive schemes ensnaring Toncoin investors has been observed. These fraudsters typically entice victims via a Telegram bot purporting to be a secure cryptocurrency storage solution. Users are misled into linking their Web3 wallets to the bot, which subsequently coerces them into purchasing so-called “boosters” under the guise of facilitating earnings. Unfortunately, such purchases result in the irreversible loss of control over their digital assets.
The scammers’ strategy includes promises of dual revenue streams: a flat reward of 25 TON per referred friend and a commission deriving from the boosters purchased by the referred individuals. Kaspersky’s analysis suggests that victims’ financial losses range from $2 to $2,700 due to these scams.
Amid these security concerns, the market value of Toncoin has recently declined by over 5% in a single day, settling at $5.72, even though it recorded a 10% increase over the month. This growth is largely attributed to a series of new initiatives associated with Telegram. Pavel Durov, the founder of Telegram, announced upcoming enhancements to the app, including monetization opportunities for sticker creators and a novel donation feature utilizing TON.
