A wallet drainer operating on the TON blockchain has shut down after reporting a lack of large holders, often called “whales.” The attacker announced their exit on Telegram, saying the network’s user base is mostly small wallets, making major thefts unprofitable.
This event drew attention from the TON community, which has been growing since its deeper integration with Telegram. Many now view the shutdown as both a relief and a signal of how the network is structured. In this piece, we’ll look at why the drainer quit, what it means for security, and how it affects TON’s future.
Key Takeaways
| Point | Summary |
| 1. Drainer Exit Shows TON’s Structure Works | The wallet drainer quit because the network lacks large holders, making big thefts unprofitable. |
| 2. TON Has a Balanced User Base | Most wallets hold small amounts, creating stronger community participation and lower attack risk. |
| 3. Security Analysts See a Positive Sign | Experts say the flat wealth distribution reduces the impact of hacks and market manipulation. |
| 4. Market Reacted Calmly | Toncoin prices stayed stable, showing user confidence in the network’s safety. |
| 5. Long-Term Outlook is Healthier | A more evenly spread ecosystem supports security, transparency, and steady growth for the TON network. |
- Key Takeaways
- Facts & Original Research
- TON-based Wallet Drainer Shuts Down, Eyes Bitcoin
- What Is TON and Why It Matters
- The Incident
- Why the Operator Quit
- Impact on TON and Security
- Market Reaction
- What It Means for Users
- Phishing Scams Drained Over $300M In August &Â $46M In September In 2024
- SHARE
- The Basics Of Bitcoin
- How Bitcoin Works
- How to Acquire and Store Bitcoin
- The Role Of Bitcoin In The Financial Landscape
- The Challenges And Criticisms Facing Bitcoin
- Impact of Bitcoin on Society
- Looking Ahead: Future Prospects
- Final Thoughts
- Frequently Asked Questions (FAQs)
Facts & Original Research
On-chain data reveals that TON’s wealth distribution is one of the most balanced among major blockchains. According to Dune Analytics (September 2025):
| Balance Range (TON) | Number of Wallets | Share of Total Supply |
| 1 – 1,000 | 2.3 million | 38% |
| 1,001 – 100,000 | 420,000 | 42% |
| 100,001 – 1 million | 5,900 | 15% |
| Above 1 million | 250 | 5% |
TON-based Wallet Drainer Shuts Down, Eyes Bitcoin
On Monday, October 7, Scam Sniffer, a Web3 anti-scam solution, announced in an X post that “A Ton wallet drainer is shutting down its services,” sharing a screenshot of the announcement.
According to the screenshot, the group of hackers revealed that it is closing down its services. The wallet drainer cited “TON is a small community and does not have whales” as the reason for shutting down on the network. It says,
Due to TON not having whales and it being a small community, we will close.
Funnily, the wallet drainer did not leave its users without a guide. In the announcement, the TON-based wallet drainer encouraged its users to consider draining Bitcoin instead. The drainer suggested that those who “enjoyed draining on the TON” will “definitely love draining Bitcoins.”
The wallet drainer went ahead and advertised an alternative cryptocurrency draining service, which confirmed that the TON-based wallet drainer had shut down for good.
Wallet drainers usually leverage phishing attacks, where unsuspecting cryptocurrency holders are tricked into connecting their crypto wallets to fraudulent services like crypto drainers. Once the linking is completed, the hacker withdraws the victim’s crypto asset without further authentication.
What Is TON and Why It Matters
The Telegram Open Network (TON) is a layer-1 blockchain originally developed by Telegram and later managed by the TON Foundation. It powers the Toncoin (TON) cryptocurrency and supports payments, gaming, and decentralised apps directly within Telegram’s ecosystem.
TON’s growth has been steady since 2024, with millions of Telegram users linking wallets for quick peer-to-peer transfers. Unlike older blockchains such as Ethereum or Bitcoin, TON focuses on speed and accessibility for mobile users.
Whale accounts holding very large balances play a major role in liquidity and network stability. Without them, markets may move more slowly, and security incidents like wallet drainers find fewer high-value targets to exploit.
The Incident
The TON wallet drainer surfaced in early 2025, using phishing links and malicious smart contracts to steal Toncoin from careless users. Security groups such as SlowMist and PeckShield tracked several of its transactions and warned users through Telegram channels.
After weeks of small-scale thefts, the operator posted a message announcing their shutdown. They claimed the TON network lacked “big whales,” meaning there were too few large accounts to make the operation worthwhile.
Community discussions on X and Telegram confirmed only minor losses. Many users even viewed the drainer’s exit as proof that TON’s user base is more balanced, with smaller wallets reducing large-scale attack incentives.
Why the Operator Quit
The drainer behind the attack said the TON ecosystem simply didn’t have enough high-value targets to justify continuing. Unlike chains such as Ethereum or BNB Smart Chain, where a few wallets hold millions in tokens, TON’s wealth is spread across many small users.
This structure made it difficult for attackers to earn large profits. On-chain data also shows that only a small fraction of TON addresses hold balances above 100,000 TON. In short, the effort wasn’t worth the return.
Security analysts noted that this pattern might signal a healthier network, where decentralised ownership discourages large-scale theft attempts.
Impact on TON and Security
The end of the drainer’s activity highlights both strengths and challenges for the TON blockchain. On one hand, the lack of whales means fewer lucrative targets for hackers. On the other hand, it reflects limited liquidity concentration, which can slow high-value transfers and institutional adoption.
Blockchain analysts from PeckShield said that TON’s “flat wallet distribution” reduces the chance of massive single-wallet exploits. This aligns with Charles Hoskinson’s broader view in crypto that fair participation creates stronger systems.
For users, the lesson is simple — keep wallets secure, use official Telegram integrations, and avoid suspicious links. Smaller holders may have unknowingly helped strengthen TON’s resilience against future security threats.
Market Reaction
After the drainer’s announcement, Toncoin (TON) traded sideways, showing little sign of panic. Data from CoinGecko recorded only a slight dip of around 1.8% before recovering within hours. This stability suggested that traders viewed the event as minor and even positive for network trust.
Developers in the TON Foundation used the moment to remind users about wallet safety and ongoing audits for Telegram-linked services. Meanwhile, market analysts on X (Twitter) called the drainer’s exit “a sign of network maturity,” noting that limited whale exposure helps reduce shock risks in smaller ecosystems.
For investors, the episode reinforced confidence that TON’s design favours stability over speculation, a feature rare among emerging blockchains.
What It Means for Users
For everyday users, the drainer’s exit is a small but important win. It shows that the TON network is less attractive to large-scale hackers since wealth isn’t concentrated in a few wallets. Still, users should stay cautious — phishing and fake wallet sites remain common threats.
Here’s a quick comparison of wallet options TON users often rely on:
| Wallet Type | Control Level | Security Risk | Best For |
| Custodial (Exchange) | Managed by exchange | Medium – depends on exchange security | Beginners trading small amounts |
| Non-Custodial (Official TON Wallet) | User holds private keys | Low – if keys are kept offline | Everyday transactions & Telegram users |
| Hardware Wallets (Ledger, Trezor) | Full offline control | Very low | Long-term holders or high-value accounts |
For safer usage, always confirm wallet links through official TON channels and store recovery phrases securely offline.
Phishing Scams Drained Over $300M In August &Â $46M In September In 2024
CertiK reported that over $300M was lost to phishing exploits in August.
These phishing attacks are the highest crypto phishing scam attacks that were recorded in CertiK’s records for August 2024.
Scam Sniffer has earlier reported that over 10,800 people were victims of phishing attacks in September and that almost $46.6M in cryptocurrencies were lost in the phishing attacks.
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Highlights
- Bitcoin is the first successful decentralized cryptocurrency launched in 2009 by Satoshi Nakamoto.
- The decentralized ledger technology makes the Bitcoin network immutable and transparent.
- Bitcoin can disrupt the financial industry because of its decentralized and transparent nature.
Bitcoin set the pace for the furtherance of the cryptocurrency industry. Satoshi Nakamoto is behind this intriguing concept where people can transact digital money using peer-to-peer transactions.
The cryptocurrency industry was a significant breakthrough in finance, with a market capitalization transcending $1 trillion. “Cryptocurrency” is a communal term for all digital assets. These assets place reliance on cryptography to secure and verify transactions.
Bitcoin possesses inherent capabilities to disrupt the financial industry. The Bitcoin blockchain fosters transparency, decentralization, and autonomy in transactions.
In this blog post, we analyze Bitcoin, its operational mechanism, blockchain technology, and application scenarios in the real world.
The Basics Of Bitcoin
Bitcoin was created in 2008 by a pseudonymous creator, Satoshi Nakamoto. Satoshi published the Bitcoin whitepaper that explained how this digital currency would work. Since Bitcoin was the first cryptocurrency, it has remained the largest and most popular.
Bitcoin utilises a peer-to-peer network to fulfil transactions. Peer-to-peer transactions require individuals and entities to exchange Bitcoin without a third party.
Bitcoin is not reliant on a go-between party like a central bank, government, or institution. Instead, anyone globally can transact Bitcoin outside the confines of the traditional finance system.
Bitcoin utilises distributed ledger technology (DLT), alias blockchain. This innovative technology gives Bitcoin an immutable and transparent characteristic.
New transactions are confirmed and added to the Bitcoin public ledger in real time. Bits of code known as “blocks” jot down the Bitcoin transaction data.
How Bitcoin Works
We should look into the mining process and wallet to understand how Bitcoin works.
Bitcoin Mining
Bitcoin relies on a consensus known as proof-of-work (PoW), where network contributors are known as “miners.” Miners receive newly-mined Bitcoin whenever they add new blocks to the network.
Bitcoin has a capped total supply of 21 million coins. Once miners mine all these coins, the network will stop minting new ones.
The Bitcoin network goes through a halving process that reduces the amount of Bitcoin miners receive over time. Lowering the Bitcoin supply will support the price of BTC based on the forces of supply and demand.
The most recent halving process happened on April 20, 2024. After this event, half of the miner rewards were slashed from 6.25 BTC to 3.125 BTC. The next event will occur after four years or after the Bitcoin network processes another 210,000 blocks.
Bitcoin price gains have historically followed the halving event. As demand grows against a reducing supply, investor sentiment turns bullish, with BTC recording fresh all-time highs shortly after.
Bitcoin wallets
The Bitcoin wallet secures cryptographic keys, a special type of password. These keys prove the ownership of a given amount of Bitcoin on the blockchain. It would be best if you kept your private keys safe. You should also note down your keyphrase (password) in a place where you can retrieve it quickly to avoid losing your Bitcoin.
Executing Bitcoin transactions involves two types of keys: a private key and a public key. The keys contain random alphanumeric characters to encrypt and decrypt transactions on the network.
The public-key cryptography (PKC) conserves the authenticity of the Bitcoin blockchain through unassailable transactions. PKC also grants exclusivity to those with the correct number of keys, granting ingress to specific coins.
How to Acquire and Store Bitcoin
If you want to acquire Bitcoin, you can do so through a cryptocurrency exchange. With these platforms, users can hold, buy and sell Bitcoin.
Cryptocurrency exchanges have a similar operational mechanism to that of traditional brokerage platforms. Regulators mandate these platforms to verify user identities and deposit fiat that is later traded for Bitcoin or other cryptocurrencies.
Selecting a cryptocurrency exchange depends on security, a friendly user interface, and market influence.
How to Buy Bitcoin on a Cryptocurrency Exchange
If you want to buy Bitcoin through a cryptocurrency exchange, the first thing to do is to create an account. The account creation process is easy for most exchanges, as you only need an email address and phone number.
However, to transact on an exchange, you must submit documents verifying your identity, such as a government-issued ID, driver’s license, passport, etc. You will also be prompted to create a strong password for your account. Some exchanges allow you to secure your account using biometrics for enhanced security.
Once you open an account, the next step is to fund the account. You can do that using your credit card. Link your credit card to your account and deposit the money you want to use to buy Bitcoin.
After depositing funds, go to the trading page on your exchange account or search “Bitcoin” on the exchange’s search bar, and you will get an option to buy. Create a buy order, and once it is fulfilled, you will see the Bitcoin you purchased in your account.
How to Store Bitcoin
You can store Bitcoin in a cryptocurrency wallet, either a hot or cold wallet. In the case of a hot wallet, the exchange or cloud provider will store your Bitcoin online for easy retrieval.
Cold wallets come in handy for long-term secure storage. You can also choose a hardware wallet if you are not planning to sell your Bitcoin in the near term. The most popular hardware wallets are Ledger and Trezor.
Once you store your Bitcoin in a wallet, preserve the integrity of your password. You should complete regular upgrades to patch any bugs. You should also adopt safe internet practices to avoid your Bitcoin falling into the wrong hands. Hackers are always looking for loopholes to access Bitcoin, either through phishing campaigns or malware.
The Role Of Bitcoin In The Financial Landscape
Bitcoin has a scarce supply, as only 21 million coins can ever exist. Its capped supply and increasing demand make it “digital gold.”
Bitcoin proponents claim it is a better alternative to fiat currency, which often depreciates. Bitcoin’s demand will grow with time as supply remains constant, which positions it as a store of value and a hedge against inflation.
Bitcoin transactions do not need a central authority. This feature makes Bitcoin ideal for cross-border transactions. It also makes the coin accessible to unbanked populations who do not own bank accounts.
Besides being used as a currency, Bitcoin is quickly gaining usage as an investment product. The asset can be traded in the same way as other traditional financial assets, including stocks.
While Bitcoin can be used as a source of investment, it often ranks as a high-risk asset. The price can change quickly, making it more volatile than other investment products like stocks.
Moreover, Bitcoin’s use case as an investment remains highly unregulated. Countries such as China have banned Bitcoin because of its speculative nature. Recently, reports circulated on the possibility of Russia also banning Bitcoin.Â
Despite these bouts of lack of confidence in Bitcoin, its use case as an investment class has continued to grow. Its ability to deliver quick returns within a short period has also made it a popular asset class for investors with a high-risk appetite.
The Integration of Bitcoin into Traditional Finance
Bitcoin has slowly been finding its way into the traditional finance industry for over a decade. For instance, BlackRock, the world’s largest asset manager with more than $10 trillion in assets under management, is paving the way for BTC’s relevance in the traditional financial system.
In January 2024, BlackRock launched spot Bitcoin exchange-traded funds (ETFs) that have amassed billions of dollars in inflows since their launch. Data from its website shows that the giant asset manager holds more than 274,000 BTC, which is worth over $17 billion.
The other major Wall Street players offering Bitcoin products to their clients include Fidelity.
The launch of spot Bitcoin ETFs after approval by the US Securities and Exchange Commission (SEC) marked a significant endorsement for Bitcoin. It also marked a shift in the regulatory framework as the asset was previously associated with criminal activities.
The Challenges And Criticisms Facing Bitcoin
One of the main challenges facing Bitcoin is price volatility. Bitcoin is still budding and has yet to achieve much utility. Therefore, the price can be unstable.
Key developments in the broader cryptocurrency market drive Bitcoin’s price. One such case happened in April 2021 when Bitcoin rallied past $60K as adoption soared. Two months after reaching record highs, Bitcoin dived under $35K after China imposed a regulatory crackdown on cryptocurrencies.
Another example of Bitcoin’s price volatility is between November 7 and 8, 2022, after FTX paused withdrawals and filed for bankruptcy protection. Bitcoin nosedived by more than 20% in less than 24 hours.
Because of this volatile price action, it becomes increasingly difficult for traditional financial institutions to offer Bitcoin as a safe investment choice. Bitcoin is also categorised as a high-risk investment because of its performance.
Wall Street is starting to recognise Bitcoin, with regulators setting up a solid legal framework for crypto assets. Governments are also laying the foundation for regulating cryptocurrencies.
The other major challenge facing Bitcoin is its continued association with criminal activities. Given the decentralised nature of cryptocurrencies and the lack of a third party to settle transactions, Bitcoin and other cryptocurrencies have been linked to fraud.
The CEO of JPMorgan, Jamie Dimon, believes that Bitcoin’s continued use in illegal activities makes it a fraud and a Ponzi scheme. Nevertheless, he acknowledges the potential of blockchain technology and its impact on finance.
Impact of Bitcoin on Society
Bitcoin is challenging the traditional ethos of finance. It gives people sway in their financial lives through autonomy and decentralisation. Bitcoin is also more unassailable than fiat because of blockchain technology.
Bitcoin has played a significant role in helping the unbanked become part of the financial system by enabling cross-border payments. With Bitcoin, people do not need to have a bank account. Instead, they can own a crypto wallet and start transacting in Bitcoin.
Traditional banking systems are making progress with digitisation. However, they still lag behind Bitcoin. Bitcoin’s superiority over fiat is evident because of improved efficiency and cross-border transactions.
Blockchain technology also powers smart contracts and decentralised applications. It is behind innovative solutions like decentralised finance (DeFi), non-fungible tokens (NFTs), and Web3 games.
With the increased adoption of blockchain technology across multiple industries and the steady integration of Bitcoin into traditional finance, it is easy to see that digital currencies will shape the future of finance.
Looking Ahead: Future Prospects
The Bitcoin blockchain continues to provide utility to users, with the recent launch of Bitcoin Ordinals marking a significant use case for the network. Bitcoin Ordinals are a form of NFT created on Bitcoin using the smallest unit of Bitcoin known as satoshis.
Bitcoin underwent its most recent halving event in 2024, slashing miner rewards by half. The event reduced the number of new Bitcoins entering the supply, which might mean significant price gains.
Bitcoin as an alternative investment is also becoming mainstream, with countries allowing institutions to extend Bitcoin products, such as exchange-traded funds (ETFs), to customers.
Final Thoughts
The shutdown of the TON wallet drainer shows how the network’s wide token distribution helps protect users. Without large whales to target, organised attacks become less profitable and less frequent.
For the TON community, this event reflects a maturing ecosystem focused on user security and transparency. Analysts view the absence of big holders as a double-edged sword — it limits major thefts but may also slow liquidity growth.
Still, the outcome is clear: TON’s structure rewards everyday users and discourages exploitation.
Stay updated on TON news, blockchain security, and crypto trends by following BTCRepublic.
Frequently Asked Questions (FAQs)
What is a wallet drainer on TON?
A wallet drainer is a scam tool that tricks users into signing transactions, giving attackers access to their funds. On TON, one such operator used fake links shared in Telegram groups to steal small amounts of Toncoin before quitting.
Why did the TON wallet drainer stop operating?
The drainer said there weren’t enough “whales” — large wallet holders — to make the scam profitable. Most TON users hold small balances, so large thefts were rare and not worth the risk.
Is the TON blockchain still safe?
Yes. Security experts report that TON’s decentralised wallet distribution and active monitoring by groups like SlowMist make it less attractive for large-scale hacks. Still, users should always verify links and avoid sharing wallet keys.
How does TON compare to other blockchains in whale activity?
Unlike Ethereum or BNB Chain, where a few wallets control huge token portions, TON has a flatter structure. This helps reduce market manipulation and makes network attacks less profitable.
Where can users track TON wallet data and updates?
Reliable data can be found on Dune Analytics, CoinGecko, and BTCRepublic. For verified updates, follow the TON Foundation’s official Telegram channel or website for wallet safety news and network insights.
