Telegram Token Scam Exploits Unsuspecting TONcoin Holders

Telegram users are being targeted by scammers who leverage the platform's support for the TON blockchain and its native token, Toncoin. The scam, operating since November 2023, involves a referral scheme that coerces victims into purchasing "boosters" using a separate bot, resulting in the irreversible loss of their Toncoin. The scammers promote the scheme through a fake Telegram bot and a referral program, offering unrealistic returns in a classic pyramid scheme.

Telegram Token Scam Exploits TONcoin Holders

Unveiling a sinister cybercrime syndicate, Kaspersky, a renowned cybersecurity firm, has exposed a meticulously crafted cryptocurrency scam targeting unsuspecting holders of Telegram's native token, Toncoin (TON). Operating since November 2023, this elaborate pyramid scheme has been insidiously siphoning funds from unsuspecting victims worldwide.

The Lure of Quick Earnings

Fraudulent actors have been relentlessly promoting an alluring referral program, tempting victims with the promise of substantial returns on their TON investments. Lured by the allure of easy profits, potential targets receive enticing links from seemingly trusted friends or contacts, inviting them to participate in an exclusive earning program.

Phishing for Personal Data

Once the unsuspecting victim takes the bait, the scammers deftly guide them into a malevolent trap. They cunningly prompt users to connect their Web3 wallets to an unofficial Telegram bot, purporting it to be a secure cryptocurrency storage facility. Simultaneously, they instruct victims to purchase Toncoin through legitimate channels, creating a facade of credibility and a false sense of security.

Purchasing the Promise of Profits

With the victim's trust secured, the fraudsters introduce the fraudulent scheme's central element: boosters. These boosters, supposedly offering varying returns for TON deposits, range in price from a modest 5 Toncoins to a staggering 500 Toncoins. Under the guise of completing a necessary step to activate their earnings, victims are coerced into purchasing these boosters through a separate bot.

The Irrevocable Loss

Tragically, this is the malicious turning point. Upon purchasing a booster, the victim irrevocably relinquishes control of their cryptocurrency. The scammers have cunningly designed the scheme so that the boosters purchased by unsuspecting victims are indeed worthless.

The Deceptive Pyramid

In a cruel twist, the scammers further exploit victims by promoting a referral program that encourages them to create private Telegram groups and invite their unsuspecting friends and contacts. Each referral link comes with video instructions in both Russian and English, adding an air of professionalism to their nefarious scheme. To qualify for fraudulent earnings, users must secure at least five successful referrals.

The False Promise of Earnings

The scammers entice victims with the promise of earnings from two sources: a fixed payment of 25 TON for each invited friend and a commission based on the booster tariff purchased by their referrals. This duplicitous scheme mirrors the structure of a classic pyramid scheme, where only the scammers profit at the expense of their victims.

The Devastating Impact

Kaspersky estimates that unsuspecting users have lost anywhere between $2 and $2,700 through this targeted pyramid scheme. The total number of affected users and the overall financial losses are still under investigation.

Warning to Telegram Users

Concerned about the proliferation of this malicious scam, Kaspersky strongly urges Telegram users to exercise extreme caution and vigilance when dealing with any investment opportunities related to Toncoin. They should only purchase Toncoin from official Telegram bots, peer-to-peer markets, or reputable cryptocurrency exchanges.

Vigilance is Key

This devious scam underscores the importance of staying alert to the latest cyber threats. Telegram users must remain wary of unsolicited investment opportunities, especially those that require personal information or the purchase of boosters. If an investment opportunity seems too good to be true, it likely is.

Reporting Suspicious Activity

Telegram users are encouraged to report any suspicious activity, such as unsolicited messages or links, to Telegram's support team. Kaspersky recommends using a reliable antivirus solution and enabling two-factor authentication (2FA) to enhance online security.

Cybersecurity Measures

To safeguard against such malicious schemes, Kaspersky recommends a comprehensive approach to cybersecurity:

• Install a reputable antivirus solution with real-time scanning capabilities to detect and block malicious software.
• Enable two-factor authentication (2FA) on all sensitive accounts to add an extra layer of protection against unauthorized access.
• Be wary of unsolicited messages or links from unknown or untrustworthy sources.
• Never share personal information or financial details unless you are certain that the request is legitimate.
• Stay informed about the latest cyber threats by reading reputable cybersecurity blogs or following industry experts on social media.

Conclusion

The Telegram Toncoin scam serves as a chilling reminder of the pervasive threat posed by cybercriminals. It is imperative for Telegram users and crypto enthusiasts alike to remain vigilant, protect their personal information, and exercise caution when engaging in online transactions. By embracing best practices for cybersecurity, we can collectively mitigate the risks posed by these malicious schemes.