TON Ecosystem Faces Phishing Surge Amidst 4,500% Increase in TVL

Amidst increased network activity and the price rally of its native token, TON, The Open Network ecosystem is seeing a surge in phishing attacks.

Unassuming users’ TON wallets are being lured through airdrops and other deceptive methods by attackers.

Telegram Users With Anonymous Numbers At Risk

Yu Xian – the founder of blockchain security firm SlowMist – issued a warning about these malicious activities primarily propagating through group chats, where attackers are reportedly employing deceptive tactics such as fake airdrops to compromise users’ TON wallets, and steal assets, including NFTs.

Anonymous Telegram numbers, which are similar to phone numbers, are being increasingly used by many to create Telegram accounts. The platform expanded its login options in late 2022 with the addition of anonymous numbers features, which eliminated the need for a SIM card. This method relies on blockchain technology, enabling users to access the platform.

Users of these accounts are at increased risk of being targets of these phishing attacks, according to the exec’s tweet on June 24th.

If these are phished, it means the corresponding Telegram account may also be lost unless the user has enabled a separate password or two-step verification.

TON Ecosystem’s Spectacular Growth in 2024

The Open Network has witnessed significant growth and increased activity this year. The decentralized Layer 1 blockchain’s daily transfer volume recently reached 10% of Bitcoin’s figures. For context, Bitcoin’s average daily transfer stands at $50 billion, but TON’s daily transfer volume was found to be oscillating between $5 billion and $10 billion last week.

The surge in network activity can be attributed to several important developments including an advertising system on Telegram which aimed to distribute half of the revenue generated by channels directly to their owners exclusively in TON cryptocurrency.

Meanwhile, the launch of The Open League program at the beginning of April introduced a long-term incentive structure designed to engage and reward stakeholders within the TON community.

Furthermore, the latest DeFiLlama data further highlighted TON’s growth, revealing that its total value locked (TVL) surged to nearly $650 million on Monday, representing an almost 7% increase in just a week. This also marked over a 4,540% increase since the beginning of 2024, when the TVL figure was near $14 million.

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