TON Ecosystem Sees Phishing Surge Amid 4,500% TVL Increase

TON, Telegram


  • TON ecosystem battles surge in phishing attacks amid significant network growth.
  • Users with anonymous Telegram numbers are especially vulnerable to wallet compromises.


The Open Network faces a wave of phishing attacks targeting user wallets, particularly those created with anonymous Telegram numbers, as the ecosystem experiences unprecedented growth with TVL soaring to $650 million.


The Open Network (TON) ecosystem is grappling with a surge in phishing attacks as it experiences unprecedented growth, with its Total Value Locked (TVL) skyrocketing by over 4,500% since the beginning of 2024. This dramatic increase in network activity has unfortunately attracted malicious actors seeking to exploit unsuspecting users.


Yu Xian, founder of blockchain security firm SlowMist, recently issued a warning about these phishing attempts, which are primarily spreading through group chats. Attackers are employing deceptive tactics such as fake airdrops to compromise users’ TON wallets and steal assets, including NFTs.


Of particular concern are accounts created using anonymous Telegram numbers, a feature introduced by the platform in late 2022. This login option, which eliminates the need for a SIM card and relies on blockchain technology, has inadvertently made these users more vulnerable to phishing attacks. If compromised, users risk losing not only their TON wallet but potentially their entire Telegram account, unless additional security measures like two-step verification are in place.


The phishing surge comes amid spectacular growth for the TON ecosystem. Recent data shows TON’s daily transfer volume reaching up to 10% of Bitcoin’s, oscillating between $5 billion and $10 billion last week. This increased activity can be attributed to several key developments, including a new advertising system on Telegram that distributes revenue to channel owners in TON cryptocurrency and the launch of The Open League program, which introduced long-term incentives for community stakeholders.


DeFiLlama data underscores TON’s remarkable growth, with TVL surging to nearly $650 million on Monday, marking a 7% increase in just a week and an astounding 4,540% rise since the start of 2024, when TVL stood at around $14 million.


As the TON ecosystem continues to expand rapidly, the need for enhanced security measures and user education becomes increasingly critical. Users are advised to exercise caution, particularly when interacting with unfamiliar accounts or enticing offers within the network.


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