Surge in Toncoin Fraud as Telegram Embraces Crypto, Warns Kaspersky

Cybersecurity firm Kaspersky reports a surge in fraud targeting Toncoin holders, exploiting Telegram's support for The Open Network (TON) blockchain. Scammers leverage a complex referral scheme through Telegram bots, enticing victims to connect their web3 wallets and purchase "boosters" in exchange for promised earnings from referrals and commissions. Kaspersky estimates losses ranging from $2 to $2,700 per user, while Toncoin's price has dropped by over 5% despite recent Telegram-related initiatives.

Escalating Fraud Targets Toncoin Holders as Telegram Embraces Crypto, Warns Kaspersky

Cybersecurity stalwart Kaspersky has sounded the alarm over a surge in fraudulent activities targeting Toncoin holders. With the integration of The Open Network (TON) blockchain and Toncoin (TON) token on Telegram, scammers have set their sights on unsuspecting token owners.

Since November 2023, scams against Toncoin holders have proliferated in tandem with the rising interest and investments in TON. Attackers have devised an elaborate referral scheme to pilfer TON tokens from users.

Prospective victims are lured into Telegram bots purportedly designed to safeguard cryptocurrency and link web3 wallets to the bot's ecosystem. Once ensnared, victims are coerced into purchasing "boosters" through the bot. Scammers peddle these boosters as a mandatory step to commence earning rewards. However, this purchase irrevocably relinquishes control of the user's cryptocurrency.

The deceptive scheme dangles earnings from two streams: a fixed payment of 25 TON for each referral and a commission based on the booster rate purchased by those referrals. Kaspersky's investigations reveal that users incur losses ranging from $2 to $2,700 due to these scams.

Amidst this fraudulent onslaught, Toncoin's price has plummeted by over 5% in the past 24 hours, hovering around $5.72, according to CoinMarketCap data. The monthly price trajectory has witnessed a 10% surge, largely attributed to Telegram's crypto-centric initiatives.

Telegram founder Pavel Durov has recently unveiled the impending addition of new features to the platform, including revenue generation for sticker creators and a novel donation function in TON.

Kaspersky's findings underscore the urgent need for vigilance and caution among Toncoin holders. Telegram's embrace of cryptocurrencies, while offering new opportunities, has inadvertently created a breeding ground for scammers. Users are strongly advised to scrutinize any unsolicited messages or invitations, particularly those requesting sensitive financial information or urging cryptocurrency transactions.

As the digital finance landscape evolves rapidly, it is imperative for investors to stay abreast of emerging threats and employ robust security measures to safeguard their digital assets. The onus lies on both cryptocurrency exchanges and Telegram to fortify their platforms against malicious actors and empower users to make informed decisions in the increasingly complex world of crypto.