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Cryptocurrency News Articles
Crypto Scammers Using Malware to Steal Digital Assets Refused to Attack TON Users. However, Things Are Not So Clear-Cut
Oct 23, 2024 at 10:48 am
Scam Sniffer experts noted that the operators of a drainer popular among scammers rejected the TON network. In a message published in an unspecified Telegram channel, the drainer creators announced its closure in the TON ecosystem.
Crypto scammers using malware to steal digital assets have reportedly refused to attack users of The Open Network (TON). However, further examination reveals a more nuanced situation.
According to Scam Sniffer experts, the operators of a drainer, a tool popular among scammers, have rejected the TON network.
In a message posted on an unspecified Telegram channel, the drainer creators announced its closure in the TON ecosystem due to the lack of crypto whales:
A Ton wallet drainer is shutting down its services.👇 pic.twitter.com/g7BXivsLym
The malicious application's developers are now shifting their focus to the Bitcoin blockchain, which could open up more opportunities for scammers to pilfer digital assets.
“What’s next? If you enjoyed draining on the TON network you will definitely live draining Bitcoins.”
One of the key reasons for the lack of whales, according to the experts, is the large number of airdrops on TON, which makes scamming not the most lucrative endeavor. Phishing schemes on The Open Network yield little profit, reducing scammers' interest.
However, SlowMist founder Yu Xian argues that such an assessment of whale activity on TON may be overly simplistic. In his view, the drainer team may have overlooked the potential of the TON blockchain.
“A phishing group on TON is set to close, claiming that TON has no large community or whale players. They have already turned to the Bitcoin ecosystem… This seems too obvious. Or maybe this gang isn't smart enough.”
How TON blockchain became a new scammer’s paradise
TON has emerged as one of the standout stories of 2024, with its token rallying more than 100% year-to-date. Moreover, TON's integration with Telegram messenger, which boasts over 900 million users, has bolstered its standing as a potential hotbed for widespread crypto adoption.
Against the backdrop of the blockchain's rapid growth, scammers' activity in TON has also taken off. Boosted interest and investment in TON have fueled fraudulent activity since at least November 2023.
The interest is largely driven by the rising popularity of mini-apps, which attackers have successfully exploited, as evidenced by the prevalence of projects like Notcoin and Hamster Kombat. Typically, the attackers have leveraged the popularity of tap-to-earn games.
For instance, Kaspersky Lab encountered scammers offering to help users earn Toncoin (TON) using bots and referral links. To facilitate the deception, the scammers had prepared a video with instructions, created text manuals and armed them with plenty of explanatory screenshots.
Tonkeeper elaborated that the scammers closely follow the latest trends in the ecosystem, such as the token hype triggered by Hamster Kombat. Hence, the names and tickers of fake tokens often echo the popular projects.
“Usually, scammers create tokens before the official listing of the real coin. Check information about the token launch in official sources.”
Researchers from BlockAid also noted that attackers deployed leak tools previously utilized on the Ethereum and Solana platforms. As of September, over 300 malicious decentralized applications (dapps) were launched on TON, underscoring the escalating threats.
Which blockchain is a fraudsters’ favorite?
Despite TON's growing popularity, the blockchain is yet to crack the top ranks of scammer hotspots, according to data from REKT Database.
Last year, Ethereum took the lead in phishing attacks with over $65 million lost, constituting 91% of the total losses. Arbitrum also suffered losses of $5.2 million, while Bitcoin lost $768,000.
In terms of exploits, Ethereum was again the most heavily impacted blockchain in this category, with losses amounting to $482.7 million. Meanwhile, Binance was most susceptible to exit scams, with losses reaching $74.5 million.
As for the attackers' shift to the Bitcoin blockchain, CertiK, another prominent firm in the blockchain security landscape, highlighted that scammers are increasingly drawn to Bitcoin because of its high transaction volumes, large user base and substantial total value locked (TVL).
Phishing attacks on Bitcoin have risen sharply in recent months. One of the most high-profile incidents was an attack on a Bitcoin whale that resulted in losses of $238 million, further underscoring the escalating risks in this domain.
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