Blockchain security firm warns TON users about phishing attacks

Phishing attacks on the TON ecosystemPhishing attacks in the TON ecosystem

In this post:

  • The founder of SlowMist, a blockchain security firm, cautioned users of increased phishing attacks in The Open Network ecosystem.
  • Yu Xian, alias Mr. Cos mentioned that the TON ecosystem is “too free” and unsafe.
  • He emphasized that the hackers are after Non-Fungible Tokens (NFTs), Telegram accounts, and TON wallets.

Blockchain security firm SlowMist cautioned The Open Network (TON) users about increasing phishing attacks initiated by hackers. The firm’s founder, Yu Xian, a.k.a. Mr. Cos, posted on X detailing how the phishing happened and the motive behind the attacks.

Blockchain pioneer Yu Xian stated that the growth of Telegram’s TON ecosystem has led to vulnerabilities due to the network’s open nature. According to Yu Xian, hackers distribute phishing bots, malicious links, and airdrops in groups. 

Also read: TON blockchain daily transaction volume hits $10B, gaining public attention

These malicious links are distributed mainly on the Telegram messaging application to lure unsuspecting users who lose their digital assets or permanent access to their Telegram accounts.

TON wallet holders and ATN users are more exposed

Mr. Cros explained that the hackers are after batches of TON-based blockchain wallets and non-fungible tokens. These NFTs include Telegram’s Anonymous Telegram Numbers (ATN)). If the phishing attacks are successful, the hackers can access digital assets stored by the victims on their TON wallets. 

According to Yu, the ATNs resemble ordinary mobile phone numbers (but are not tied to SIM cards) and are typically used to create Telegram accounts. Hence, such attacks can result in the subsequent loss of the Telegram account.

“If these are phished away, it means that the corresponding Telegram account may also be lost, unless the user has enabled an independent password, or two-step verification.”

-Yu Xian

Ton blockchain has recently been a honeypot for scammers. In April, Kaspersky security experts cautioned blockchain enthusiasts against major telegram bot scams that hackers used for steal funds from victims. Kaspersky mentioned that scammers mainly promote pyramid schemes that generate digital assets through referral links. Victims are then convinced to connect the bogus bot to their external wallets, giving the hackers access to their funds.

The TON ecosystem continues to expand

Despite the increasing phishing attacks, The Open Network ecosystem has grown immensely in 2024. Data from Bitget indicates that the ecosystem supports 43 tokens with a combined market cap of almost $20 billion. 

Also read: Trump accepts Bitcoin Lightning Network payments for donations

Telegram also announced on June 6th the inception of a new digital asset called Telegram Stars to facilitate the purchase of digital goods and services in the Telegram ecosystem. Users can acquire Stars for in-app purchases on Apple and Google Play or Telegram’s PremiumBot. Stars will be used to purchase e-books, online courses, and more.

Cryptopolitan reporting by Collins J. Okoth

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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