The Open Network (TON) Blockchain Faces High Risk of Phishing Attacks, Threatens Near Future Plans

The Web3 sector is generally considered to have a high exposure to cyber-attacks and hacks, but Telegram-backed The Open Network (TON) blockchain

Cyber experts are warning users of the Telegram-backed The Open Network (TON) blockchain to be wary of phishing attacks, especially as the project aims to onboard 500 million users on-chain by 2028.

According to blockchain security firm SlowMist, the TON blockchain is facing a high risk of phishing attacks, with the entire TON ecosystem being put under threat.

On June 23, SlowMist founder Yu Xian alerted the team behind the TON blockchain of the looming phishing threats to the network.

In phishing attacks, the actor entices potential victims into sharing their private information — personal as well as financial — in order to exploit the information and steal funds.

"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 through his Twitter account that goes by the handle @evilcos.

Since TON users can link their wallets to their Telegram accounts, Xian fears that if the integrity of TON-linked wallets is violated, it could expose the affected users' private messages as well.

"Be careful when you encounter airdrops or other activities in the Telegram group. They may be phishing scams. If you encounter any suspicious activities, please report them to the SlowMist community in time," Xian added.

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

As per Chainalysis, 2022 saw victims lose an estimated $516.8 million (roughly Rs. 4,314 crore) to crypto phishing scams. In 2023, this number stood at $374.6 million (roughly Rs. 3,127 crore) through November.

As of now, TON has not reacted to the development.

The Open Network (TON) is a Layer-1 blockchain network that was first conceived by Telegram founders, the Durov brothers, around 2018. Later in 2022, the TON mainnet went fully live and operational.

Just recently, the 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.

News source：https://www.kdj.com/cryptocurrencies-news/articles/network-ton-blockchain-risk-phishing-attacks-threatens-future-plans.html

The above is the detailed content of The Open Network (TON) Blockchain Faces High Risk of Phishing Attacks, Threatens Near Future Plans. For more information, please follow other related articles on the PHP Chinese website!