In 2024, the Telegram Open Network (TON) ecosystem encountered a surge in phishing assaults amidst a staggering 4,500% spike in Total Value Locked (TVL). These attacks specifically targeted accounts linked to anonymous Telegram numbers, a vulnerability exacerbated by heightened network activity and the appreciating value of TON, the ecosystem’s native token.
Attacker Strategies
Cybercriminals employed phishing schemes, enticing users with deceptive airdrops and other tactics. Once infiltrated, these attackers gained entry into users’ TON wallets, enabling theft of assets including NFTs.
Yu Xian, founder of blockchain security firm SlowMist, underscored that these attacks predominantly propagated through Telegram group chats. The expansion of Telegram’s login options in late 2022 to include anonymous numbers, devoid of SIM card verification, heightened vulnerability for these accounts, albeit enhancing platform accessibility through blockchain technology.
Elevated Risk Scenarios
The risk amplifies when users fail to adopt supplementary security measures such as unique passwords or two-factor authentication. In a phishing attack, not only is the TON wallet compromised, but the associated Telegram account itself could be forfeited.
Despite these security challenges, the TON ecosystem has witnessed substantial growth this year. The decentralized Layer-1 Blockchain reported a surge in daily transfer volumes, recently achieving 10% of Bitcoin’s daily transfer metrics. For perspective, Bitcoin’s average daily transfer volume hovers around $50 billion, whereas TON’s daily transfers have fluctuated between $5 billion and $10 billion in recent weeks.
Factors Contributing to Growth
Several pivotal developments fueled this heightened activity. Telegram’s introduction of an advertising system promising channels direct earnings in TON cryptocurrency played a significant role. Additionally, the launch of The Open League program in April introduced a sustainable incentive framework aimed at engaging and rewarding stakeholders across the TON community.
Highlighting the ecosystem’s expansion, recent data from DeFiLlama disclosed that TON’s TVL surged to approximately $650 million, marking a nearly 7% increase in just one week. This remarkable ascent signifies a monumental 4,540% surge since the onset of 2024, when TVL stood close to $14 million.
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Disclaimer: This article does not constitute investment advice. Investors should acknowledge the high volatility and inherent risks associated with cryptocurrencies and conduct thorough research before making investment decisions.
