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Telegram Open Network (TON) ecosystem experienced a significant increase in phishing attacks during a 4,500% growth in Total Value Locked (TVL) in 2024. These attacks primarily targeted accounts created using anonymous Telegram numbers, which are particularly vulnerable to such threats. Increased network activity and the price rise of TON, the ecosystem’s native token, made it an attractive target for cybercriminals.
Methods Used by Attackers
Phishing tactics used by attackers included luring users with airdrops and other deceptive methods. After gaining access to users’ TON wallets, they could steal assets, including NFTs.
Yu Xian, founder of blockchain security firm SlowMist, highlighted that these attacks primarily spread through group chats on Telegram. The expansion of Telegram’s login options to include anonymous numbers without requiring SIM cards in late 2022 increased the risk for these account users.
This method, based on blockchain technology, makes the platform more accessible but exposes users to higher risks.
Increased Risk Scenarios
The risk increases if users do not enable additional security measures like separate passwords or two-factor authentication. In a phishing attack, not only is the user’s TON wallet compromised, but the associated Telegram account can also be lost.
Despite these security issues, the TON ecosystem has seen significant growth this year. The decentralized Layer-1 Blockchain experienced an increase in daily transfer volumes, recently reaching 10% of Bitcoin‘s daily transfer figures. For context, Bitcoin’s average daily transfer volume is around $50 billion, while TON’s daily transfer volume has fluctuated between $5 billion and $10 billion in recent weeks.
Developments Contributing to the Increase
Several key developments contributed to this increased activity. On Telegram, an advertising system aimed at distributing half of the revenue earned by channels directly to their owners in TON cryptocurrency was a significant driving force. 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.
Further emphasizing the ecosystem’s growth, recent data from DeFiLlama revealed that TON’s TVL rose to approximately $650 million, representing an almost 7% increase in just one week. This significant rise also marks an over 4,540% increase since the beginning of 2024, when TVL was close to $14 million.
