As Ethereum phishing becomes more challenging, scammers are shifting their focus to TON wallet drainers, capitalizing on the booming Telegram games & airdrops ecosystem.
TON’s Meteoric Rise and the Drainer Threat
TON blockchain has been a standout success in 2024. The value of Toncoin has skyrocketed, multiplying over five times in a year. This surge catapulted it into the top 10 cryptocurrencies by market cap. Popular games like Notcoin and Hamster Kombat, offering airdrops, have boosted daily active addresses on TON, surpassing even Ethereum.
Telegram’s 900 million users offer a massive potential for TON, exciting its proponents. However, this also attracts crypto drainers previously active on Ethereum. With Ethereum security tightening, these scammers are now migrating to TON.
Israel-based security firm Blockaid reports a growing interest among cryptocurrency drainers in the TON ecosystem. Raz Niv, Blockaid’s co-founder, highlights the immense value flowing through $TON, making it a prime target for drainers. The influx of crypto newcomers to the platform, drawn by games, presents easy prey for these scammers.
Understanding Wallet Drainers
Wallet drainers are scam tools used by developers to aid illicit actors in stealing cryptocurrencies. Scammers lure investors through phishing links, tricking them into handing over control of their wallets. A common tactic involves replying to posts about stuck transactions with fake support offers, leading victims to fraudulent websites that drain their wallets.
In May 2024, victims lost $42 million to phishing scams, with 80% of these losses on Ethereum. As security tools on Ethereum improve, drainers are seeking new opportunities. Blockaid, a significant threat to the draining industry, simulates transactions to detect suspicious activities and warn users. This has forced many drainers to close shop or move to less secure networks like TON.
Stay safe!
TON’s Vulnerabilities
TON’s draining activity is relatively new, and its wallets lack the advanced security tools found on older blockchains like Ethereum. A notable scam involved phishing victims with a promise of 5,000 USDT. The scheme used TON’s comment feature, which allows transfers to include custom messages. Victims unknowingly signed off on token drains, losing significant amounts. One drainer reportedly earned at least 22,000 TON ($152,000) through this method.
Scam Sniffer recently detected a surge in TON-related phishing sites. TON drainers scripts are being sold on Telegram for as little as $300.
That’s crazy, right?
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Drainers’ Migration to TON
Drainers are finding it increasingly hard to operate on Ethereum due to improved security. Blockaid’s integration with wallets like MetaMask and Coinbase has significantly curtailed draining activities. This has pushed scammers to explore new blockchains, with TON emerging as a prime target.
Blockaid continues to develop security measures for various blockchains, including TON. However, the details are kept confidential to prevent scammers from circumventing their defenses.
TON’s Growing Popularity and Associated Risks
The TON network’s integration with Telegram has spurred an explosion in user numbers, driven by viral “tap-to-earn” games offering airdrops. Notcoin and Hamster Kombat have amassed millions of users, pushing TON’s daily address count above Ethereum’s. But where there are users and profits, scammers are never far behind.
Telegram’s privacy features make it an attractive platform for illicit activities, including draining. A Telegram channel monitored by Magazine shows crypto criminals trading services like SIM swapping and account trading. Draining is frequently offered in these circles.
The Dark Web of Telegram
Telegram has been dubbed the new “dark web” due to its rising popularity among cybercriminals. A separate Telegram channel was found selling a TON drainer script for $1,000. This script only works with the Tonkeeper wallet and is limited to Toncoin and Jetton tokens.
The millions of new users on the TON blockchain, drawn by airdrops and games, are often crypto novices. They are introduced to wallets and seed phrases for the first time, making them easy targets for drainers. Unfortunately, Blockaid does not yet support TON wallets, leaving these users vulnerable.
The Cat-and-Mouse Game Continues
Niv from Blockaid describes the ongoing battle between security firms and drainers as a “cat-and-mouse game.” As security measures are implemented on one blockchain, drainers move to another. With TON’s rising popularity, the network is becoming the new hot zone for draining activities.
Security firms like Blockaid are continuously working to stay ahead of these threats, developing new tools and measures to protect users. However, as one network is secured, the drainers move on to the next, perpetuating this cycle.
Conclusion
TON’s burgeoning user base and Telegram’s privacy features are creating new opportunities for drainers. The lack of advanced security tools on the TON network exacerbates the vulnerability of its users. As the cat-and-mouse game between security firms and cybercriminals continues, new threats will undoubtedly emerge. For now, TON stands as the latest battleground in the ongoing fight against cryptocurrency drainers.
Final Thoughts
TON’s success and rising user base offer immense potential for mass adoption. However, this success also attracts scammers. As the network grows, it is crucial for users to stay vigilant and for security firms to develop robust tools to protect this promising ecosystem.
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