The Open Network (TON) ecosystem has seen a significant increase in phishing attacks as the network records increased usage.
The TON blockchain currently has a total value locked (TVL) of $630M, according to DeFiLlama, which stems from increased decentralized applications (DApps) being created on the network.
While this growth benefits the ecosystem, threat actors infiltrate the network by launching phishing campaigns.
TON Network Faces a Rise in Phishing Attacks
Blockchain security researcher Yu Xian pointed out the vulnerabilities on the TON network in a recent post on X. Xian warned that the phishing campaign on the TON blockchain is targeting TON wallets.
The number of phishing activities in the TON ecosystem is increasing because the ecosystem is “too free,” according to Xian.
The nature of the TON ecosystem made it possible for threat actors to use airdrops, messaging groups, and other malicious tactics to access TON wallets.
The researcher pointed to the features of the TON ecosystem, such as non-fungible tokens (NFTs) and Anonymous Telegram Numbers that mimic mobile phone numbers. These identifiers are used to create Telegram messaging accounts.
Xian noted,
If these are phished away, it means that the corresponding Telegram account may also be lost, unless the user has enabled an independent password, i.e., Two-Step Verification.
Xian’s statement comes amid a rise in phishing campaigns across the cryptocurrency industry.
Recently, crypto price tracking platform CoinGecko confirmed a data breach on its third-party email management platform, GetResponse, targeting 23,723 victims.
Phishing attacks lure victims by stealing sensitive information. They trick a user into sharing information or sending funds quickly.
Besides phishing attacks, other hacking attacks have also been prevalent across the cryptocurrency industry, including exploits against the Kraken exchange.
TON Network Records Massive Growth
The hacking exploits on TON come as the network records massive adoption. Telegram, one of the most popular messaging platforms associated with TON, has been among the triggers for the network’s growth.
The messaging platform announced the release of a new in-app digital currency known as Telegram Stars, which supports trading goods and services across Telegram mini-apps.
Telegram Stars allows users to buy using fiat currencies and the TON ecosystem.
The Telegram messaging platform teamed up with Tether USDT stablecoin in April. The partnership seeks to boost the adoption of crypto assets using the messaging platform.
The USDT stablecoin was launched on the TON network and is now being adopted by leading exchanges.
Binance, the largest exchange by trading volumes, is among those that support deposits and withdrawals for the USDT stablecoin on the TON blockchain.
Besides the growing network usage, the native token for the TON network, TON, has also recorded a notable price gain.
Toncoin (TON) has been up 15% over the past month. The token ranks the ninth-largest cryptocurrency with a market cap of over $18 billion. The token hit a fresh all-time high of $8.25 on June 15.
