Crypto Security Expert Issues Urgent Warning for TON Users

SlowMist, a blockchain security firm, has brought attention to the growing number of phishing attacks targeting the Telegram-affiliated layer-1 TON blockchain. The TON ecosystem is currently experiencing a rise in such malicious activities across its network, SlowMist’s founder, Yu Xian, noted on X on Monday.

Phishing Attacks Swamp TON Network

Phishing attacks involve maliciously pretending to be a trusted person or company and deceiving unsuspecting individuals or groups to open malicious links or attachments sent through email or other communication channels. By simply tapping on such links, attackers can easily steal the user’s passwords, bank details, crypto assets, and more.

Yu Xian argued that “Telegram’s ecosystem is too free.” According to him, this leniency facilitates the widespread sharing of phishing links in message groups, in the form of crypto airdrops and other deceptive methods, posing risks to users’ TON wallets integrated with the social app.

The SlowMist founder further explained that these phishing attackers use anonymous Telegram numbers, alternatives to mobile phone numbers, and promises of non-fungible tokens (NFTs) to entice users into clicking malicious links. With these attacks, these bad actors can easily hack their victims’ Telegram accounts.

The good news, he said, is that these malicious actors often use the same ploy for most attacks, making it easier for vigilant users to avoid such exploits. Xian also mentioned that security measures like two-factor authentication (2FA) can save users from falling prey to complete loss of their accounts.

Phishing attacks are a common means hackers use to exploit crypto users. Last month, a malicious software offering phishing-as-a-service to cybercriminals was shut down after stealing $85 million worth of crypto assets from investors.

What Impact Could This Have on TON?

It is not entirely surprising that the TON network has become the new breeding ground for hackers seeking to exploit unsuspecting users. The TON ecosystem has significantly grown in recent months, thanks to its ties with Telegram and the multiple projects building on its mainnet.

Some TON-based blockchains that have risen in prominence include the tap-to-earn gaming project Notcoin and decentralized exchange DeDust. Earlier this month, TapSwap, another tap-to-earn project migrated to the TON network.

TON’s native coin, Toncoin, currently ranks as the 8th largest crypto project with a market capitalization of over $18 billion. It implies that a crash of the blockchain can significantly hurt the overall crypto market.