The Web3 sector is generally considered to be highly exposed to cyberattacks and hacks, but the Telegram-backed The Open Network (TON) blockchain has been in particular trouble. According to blockchain security firm SlowMist, the TON blockchain is at high risk of phishing attacks. The entire TON ecosystem is currently under threat, which could negatively impact the blockchain’s near-future plans, especially at a time when the project admitted aims to have 500 million users on-chain by 2028.
What do cyber experts say?
Yu Xian, founder of SlowMist, warned the team behind the TON blockchain on June 23 about impending phishing threats to the network. In phishing attacks, the perpetrator lures potential victims into sharing their private information – both personal and financial – in order to misuse the information and steal money.
“There are more and more phishing activities in the TON ecosystem. The Telegram ecosystem is too free and many phishing links (or bot forms) are spread through message groups, airdrops and other deceptive methods,” Xian posted via his Twitter account @evilcos.
Because TON users can link their wallets to their Telegram accounts, Xian fears that if the integrity of TON-linked wallets is breached, the affected users’ private messages could also be exposed.
The expert believes that the developers behind the TON blockchain should take measures to mitigate the situation.
From Chain analysisIn 2022, victims saw an estimated $516.8 million (approximately Rs. 4,314 crore) lost to crypto phishing scams. In 2023, this amount reached $374.6 million (approximately Rs. 3,127 crore) through November.
TON has not yet responded to this development.
Growth of TON
For Telegram founders the Durov brothers, the idea for The Open Network first took shape around 2018. Later in 2022, the TON mainnet went fully live and operational.
Recently, TON coin was listed on Binance for deposits and withdrawals. At the time of writing, TON was trading at $7.31 (approximately Rs. 610) on MintMarketCap.
Since 2022, Web3 investment firm DWF Labs has invested $10 million (roughly Rs. 80 crore) into the Layer-1 blockchain network. Around the same time, Telegram said it would auction rare usernames on the TON marketplace.
