The Telegram Open Network (TON) ecosystem encountered a surge in phishing attacks amidst a staggering 4,500% growth in Total Value Locked (TVL) in 2024. These attacks predominantly targeted accounts registered using anonymous Telegram numbers, which are particularly susceptible to such threats. The heightened network activity and appreciable rise in the price of TON, the ecosystem’s native token, rendered it an appealing target for cybercriminals.
Attack Methods Employed
Cyber attackers employed phishing techniques, enticing users with promises of airdrops and employing other deceptive strategies. Once gaining access to users’ TON wallets, they could abscond with assets, including NFTs.
Yu Xian, founder of blockchain security firm SlowMist, underscored that these attacks primarily spread through group chats on Telegram. The decision to expand Telegram’s login options to include anonymous numbers, without necessitating SIM cards in late 2022, amplified the vulnerability for these account holders. While enhancing accessibility through blockchain technology, this approach also exposed users to heightened risks.
Escalated Risk Scenarios
The risk escalates significantly when users fail to activate supplementary security measures such as unique passwords or two-factor authentication. In a phishing assault, not only does the user’s TON wallet become compromised, but their associated Telegram account could also be compromised or lost.
Despite these security challenges, the TON ecosystem has witnessed substantial growth this year. The decentralized Layer-1 Blockchain has recorded an uptick in daily transfer volumes, recently achieving 10% of Bitcoin’s daily transfer metrics. For context, Bitcoin’s typical daily transfer volume hovers around $50 billion, while TON’s daily transfers have varied between $5 billion and $10 billion in recent weeks.
Factors Fueling Growth
Several pivotal factors have fueled this heightened activity. Telegram introduced an advertising system aimed at distributing half of the revenue generated by channels directly to their owners in TON cryptocurrency. Additionally, the launch of The Open League program in April introduced a long-term incentive structure designed to engage and reward stakeholders within the TON community.
Furthermore, recent data from DeFiLlama indicates that TON’s Total Value Locked surged to approximately $650 million, marking an almost 7% increase within just one week. This remarkable rise also represents a monumental 4,540% increase since the onset of 2024, when TVL stood close to $14 million.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be mindful of the high volatility associated with cryptocurrencies, which entails inherent risks, and should conduct their own research.
