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Reading: TON Sees Uptick in Phishing Attacks Amid Network Growth
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BTCRepublic > News > Altcoins News > TON Sees Uptick in Phishing Attacks Amid Network Growth
Altcoins News

TON Sees Uptick in Phishing Attacks Amid Network Growth

Hassan
Last updated: October 25, 2024 10:00 am
Hassan
Published: June 24, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
TON Sees Uptick in Phishing Attacks Amid Network Growth
Highlights
  • The TON ecosystem has seen a significant rise in phishing campaigns.
  • Hackers are increasingly targeting the network due to network growth.
  • TON is currently among the largest blockchains by TVL.

The Open Network (TON) ecosystem has seen a significant increase in phishing attacks as the network records increased usage. 

Contents
TON Network Faces a Rise in Phishing Attacks TON Network Records Massive Growth

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. 

TON 生态的钓鱼开始多了,Telegram 生态过于自由的特点,许多钓鱼链接(或 bot 形式)通过消息群组方式传播,空投等诱骗方式来批量钓走用户 TON 钱包里的有关资产(包括 NFT,特别的如 Anonymous Telegram Numbers,类似手机号,许多人用于创建 Telegram 账号,这个被钓走,意味着对应的 Telegram…

— Cos(余弦)😶‍🌫️ (@evilcos) June 24, 2024

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

Ton Network 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.

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TAGGED:BlockchainCryptoTON

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Hassan Raza
ByHassan
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Hassan, a medical doctor by profession, resides in Ireland. However, his passion lies in writing about finance, technology, and cryptocurrencies during his spare time. While he has written numerous articles in the medical field, crypto captivates him far more.
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