By
Chimamanda U. Martha
June 20th, 2024
The Open Network (TON) that powers the Toncoin is seeing an increasing case of fraud especially per its ties to the Telegram app.
Blockchain security platform SlowMist has discovered an increase in the occurrence of crypto scams on The Open Network (TON) and Toncoin ecosystem. According to SlowMist founder Yu Xian on X, there are many phishing attacks in the TON ecosystem now. Most of these phishing links (or bots) are spread through groups. Users are usually enticed with fake airdrops and other deceptive, mouth-watering offers.
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
Two-step Verification Against Toncoin Crypto Scam
The perpetrators of these attacks leverage different methods to hack assets in users’ TON wallets. This is often through Anonymous Telegram Numbers or promise of Non-fungible tokens (NFTs). The anonymous Telegram numbers are quite similar to mobile phone numbers which people use to create Telegram accounts. If it is stolen, it means that the corresponding Telegram account may also be stolen unless a separate password is enabled.
However, a Two-step verification procedure may protect such accounts and circumvent such occurrences. It is largely believed that the freedom and flexibility offered by Telegram is to the advantage of scammers. Some keen observers have come to the conclusion that these scammers play the same strategies all the time. Therefore, Telegram users are advised to stay alert and vigilant.
Generally, there is a rise in crypto scams in the cryptocurrency ecosystem. Recently, blockchain payments firm Ripple Labs Inc. introduced the upcoming stablecoin Ripple USD (RLUSD), which is pegged at 1:1 with the United States dollar. Some bad actors saw the news as an opportunity to perpetuate their malicious vices and immediately swung into action. A fake token surfaced on the XRP Ledger, drawing the attention of industry experts.
Vet, a validator of the XRP Ledger dUNL, issued a warning to the public stating clearly that the official RLUSD stablecoin is not yet available. Users were advised to not engage with fake accounts but rather remain vigilant against any scams.
More Crypto Scams In the Industry
Another intriguing recent scam involved the cloning of Trust Wallet, a popular decentralized wallet service provider. On June 7, Trust Wallet warned that bad actors have developed fake versions of its app to lure unsuspecting investors into downloading cloned apps for their crypto purchases and storage. It got more interesting when the Binance-owned wallet stated that cloned apps are available on both Xiaomi and Amazon stores.
Unfortunately, a number of unsuspecting investors have fallen victim to some of these hack strategies, leading to the loss of millions of dollars. About two weeks ago, the Washington State Department of Financial Institutions (DFI) launched a probe into a potentially fraudulent cryptocurrency exchange called “Ethfinance.” This was after an investor filed a complaint of a $310,000 loss on the platform.
According to the DFI, this case has all the makings of an “Advance Fee Fraud”, a kind of scam that targets victims with promises of high returns, in exchange for upfront payments. Investors are encouraged to be cautious and vigilant.