In 2024, the Telegram Open Network (TON) ecosystem encountered a surge in phishing attacks amidst a staggering 4,500% growth in Total Value Locked (TVL). These attacks specifically targeted accounts registered with anonymous Telegram numbers, which are particularly susceptible to such threats. The increased activity within the network and the appreciable rise in the value of TON, its native token, rendered it an appealing target for cybercriminals.
Methods Employed by Attackers
Attackers utilized phishing strategies, enticing users through false promises like airdrops and other deceptive schemes. Once gaining entry into users’ TON wallets, they could abscond with assets, including valuable NFTs.
Yu Xian, the founder of blockchain security firm SlowMist, underscored that these attacks mainly propagated through Telegram group chats. The expansion of Telegram’s login options in late 2022 to include anonymous numbers, without the necessity of SIM cards, heightened vulnerabilities for these account holders. While enhancing accessibility, this method rooted in blockchain technology also exposed users to heightened risks.
Increased Risk Scenarios
The risk escalates significantly if users neglect to implement supplementary security measures such as distinct passwords or two-factor authentication. In a phishing incident, not only does the user’s TON wallet become compromised, but the associated Telegram account could also be forfeited.
Despite these security challenges, the TON ecosystem has exhibited substantial growth this year. The decentralized Layer-1 Blockchain has witnessed a surge in daily transfer volumes, recently reaching 10% of Bitcoin’s daily transfer figures. For perspective, Bitcoin’s average daily transfer volume hovers around $50 billion, whereas TON’s daily transfer volume has fluctuated between $5 billion and $10 billion in recent weeks.
Factors Contributing to the Surge
Several pivotal developments have fueled this heightened activity. On Telegram, an advertising framework was introduced, promising to distribute half of the revenue earned by channels directly in TON cryptocurrency to their owners. Additionally, the initiation of The Open League program in April introduced a sustainable incentive structure aimed at engaging and rewarding stakeholders across the TON community.
Further underscoring the ecosystem’s expansion, recent data from DeFiLlama indicated that TON’s TVL surged to approximately $650 million, marking an almost 7% increase in just one week. This considerable ascent also signifies a remarkable 4,540% rise since the commencement of 2024, when TVL stood near $14 million.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies, conducting thorough research before making any investment decisions.