Telegram-backed TON blockchain vulnerable to phishing attacks, experts warn

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The Web3 sector is generally considered to be high-risk for cyberattacks and hacking, but the Telegram-backed The Open Network (TON) blockchain in particular has found itself in 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 aims to have 500 million users on-chain by 2028.

What do cyber experts say?

SlowMist founder Yu Jian alerted the team behind the TON blockchain about the growing threat of phishing on the network on June 23. In phishing attacks, the actor entices potential victims to share their private information – personal as well as financial – in order to exploit the information and steal funds.

“Phishing activities are rampant in the TON ecosystem. The Telegram ecosystem is highly free and many phishing links (or bot forms) are spread through message groups, airdrops, and other deceptive methods,” Jian posted via his Twitter account @evilcos.

Since TON users can link their wallets to their Telegram accounts, Jian fears that if the integrity of the wallets linked to TON is breached, it could also expose the private messages of the affected users.

The expert believes that the developers behind the TON blockchain should start taking measures to mitigate the situation.

According to Chainalysis, victims lost an estimated $516.8 million (roughly Rs. 4,314 crores) to crypto phishing scams in 2022. In 2023, that number stood at $374.6 million (roughly Rs. 3,127 crores) as of November.

At the moment, TON has not commented on this development.

Growth of TON

For the Durov brothers, the founders of Telegram, the idea of ​​The Open Network first took shape around 2018. Later in 2022, the TON mainnet became 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 (roughly Rs. 610) on CoinMarketCap.

Since 2022, Web3 investment company DWF Labs has invested $10 million (roughly Rs. 80 crores) in the layer-1 blockchain network. Around the same time, Telegram said it would auction rare usernames on the TON marketplace.


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