Fast-growing blockchain platform The Open Network (TON) is increasingly threatened by phishing attacks, according to Yu Xian, the founder of blockchain security company SlowMist.
Xian highlighted the growing prevalence of phishing links and bots on TON. He attributes this rise to the open nature of the network, which makes it fertile ground for scammers. He said:
“Telegram’s ecosystem is too free and many phishing links (or bot forms) are distributed via messaging groups, airdrops and other deceptive methods to lure away users’ TON wallets in batches.”
Xian further stated that Telegram users with anonymous numbers, often not linked to SIM cards, are at greater risk of phishing attacks. He added:
“If this [anonymous numbers] are swiped away, this means that the associated Telegram account may also be lost unless the user has enabled an independent password, namely two-step verification.”
Hardware wallet provider Keystone further confirmed Xian’s warning, highlighting that TON hackers use some of the most common phishing methods, including zero-fund transfers and airdropping NFTs to their target’s address.
Phishing fraud is a significant threat in the crypto space. In these scams, attackers pose as legitimate entities to steal sensitive data and gain access to their victims’ crypto wallets.
According to a report from Scam Sniffer, Wallet Drainers, a type of phishing malware, is often used on phishing websites to trick users into signing malicious transactions. More than $200 million worth of digital assets have been lost to these scams this year alone.
TON network is flourishing
In recent months, TON has experienced significant growth, increasing its total value (TVL) to unprecedented levels. According to data from DeFiLlama, TON’s TVL has increased to approximately $649 million, a substantial increase from the $151 million recorded just three months ago on April 25.
Furthermore, Tonstat’s data indicates a simultaneous increase in the number of monthly active wallets and the total number of accounts. As of now, the network has over 4.8 million monthly active wallets. There are more than 9 million activated wallets, with an average of 49,000 new activations every day.
This impressive growth is mainly due to TON’s integration with Telegram. The recent introduction of tap-to-earn games such as Notcoin, Hamster Kombat and Blum has significantly increased the popularity of TON, leading to increased usage and wallet activations.