TON Ecosystem Faces Major Phishing Threats Amid 4,500% Growth in 2024

• The Telegram Open Network (TON) ecosystem recently faced a series of phishing attacks during a significant expansion phase.
• Cybercriminals capitalized on vulnerabilities, targeting accounts with anonymous Telegram numbers, compromising assets like NFTs and native tokens.
• In 2024, the Total Value Locked (TVL) within the TON network skyrocketed by 4,500%, drawing significant attention from malicious actors.

Discover the latest trends and threats within the expanding Telegram Open Network (TON), and understand the essential security measures needed to safeguard your digital assets.

Strategies Employed by Cybercriminals

Attackers utilized crafty phishing tactics, including fraudulent airdrop schemes, to deceive users and gain access to their TON wallets. Once inside, cybercriminals swiftly drained digital assets. Yu Xian, founder of the blockchain security firm SlowMist, noted that these schemes primarily spread through Telegram group chats. The introduction of account creation with anonymous numbers by Telegram, bypassing SIM cards, inadvertently increased susceptibility to these attacks.

Amplification of Risks

Risks heighten when users overlook critical security measures such as enabling two-factor authentication or setting strong, unique passwords. A successful phishing attempt can compromise not only the user’s TON wallet but also their Telegram account. Despite these security concerns, TON has seen remarkable growth, with daily transfer volumes reaching up to 10% of Bitcoin’s average daily volume, roughly hovering between $5 billion and $10 billion.

Key Initiatives Driving Growth

Several initiatives have fueled TON’s activity. A prime driver is Telegram’s advertising system, which allocates half of channel revenues in TON cryptocurrency. Moreover, the launch of The Open League program in April introduced a sustainable incentive structure, fostering greater engagement and rewarding participants within the TON community. Recent data from DeFiLlama reveals that TON’s TVL surged to approximately $650 million, marking an increase of around 7% within a week, and over 4,540% since early 2024 when the TVL was near $14 million.

Comprehensive Security Measures

To bolster protection against phishing attempts, users should:

– Enable two-factor authentication for enhanced security.

– Avoid using anonymous numbers for account creation wherever feasible.

– Regularly update passwords, using strong and unique combinations.

– Exercise caution with unsolicited messages offering airdrops or other rewards.

Conclusion

The rapid expansion of the TON ecosystem underscores its potential while simultaneously highlighting the pressing need for stringent security practices. By implementing robust security measures, users can shield their assets from the increasingly sophisticated phishing threats targeting the burgeoning TON network.