The TON Phishing Flood on Telegram: How to Safeguard Your Investment

TON, or The Open Network, has become one of the most popular crypto projects after its integration with Tether USDT and growing users of clicker apps. These clicker apps are integrated into Telegram as mini apps, providing an easier path for users to earn cryptocurrencies. However, the platform has warned of increasing phishing attacks on the ecosystem, which may become an obstacle for users.

Highlights:

• Crypto hacks and exploits resulted in $1.38 billion stolen in the first half of 2024.
• TON is on the verge of phishing attacks because of Telegram’s “free” nature.
• Common practices include spear phishing, phishing bots, fake browser extensions, and DNS hijacking.
• To prevent phishing attacks, users should have learned to protect their personal information.

TON Is on the Verge of Phishing Attacks

According to TRM Labs, blockchain intelligence, crypto hacks and exploits resulted in $1.38 billion stolen in the first half of 2024, double the amount taken during the same period in 2023. The top five attacks accounted for 70% of the total losses, with DMM Bitcoin experiencing the largest theft of over $300 million.

Other than institutions, scams targeting individuals have also become popular. TON, or The Open Network, is one of the platforms frequented for phishing activities recently, raising the community’s concern.

The founder of the prominent crypto security firm, Yu “Cos” Xian, said that TON could be on the verge of phishing attacks because of Telegram’s “free” nature. “The Telegram ecosystem is too free, and many phishing links (or bot forms) are spread through message groups, airdrops, and other deceptive methods.” He mentioned it in his X post on June 23.

He noted that phishing risks on the Telegram messenger are higher for users with anonymous numbers, which are used to create Telegram accounts not linked to SIM cards.

Common Practices of Phishing Attack on TON

Some common practices of phishing attacks include spear phishing, phishing bots, fake browser extensions, and DNS hijacking.

Spear Phishing

Spear phishing is one of the most growing and common types of phishing attacks in 2024 among crypto projects. Spear phishing is a type of cyber attack in which hackers create fake emails and send them to thousands of users in the hope that someone will fall into the trap. Hackers can then enter their sensitive information, such as wallet key phrases, etc.

The primary aim of the anonymous hacker is to trick the users into passing their sensitive information or downloading malware software. Most of the emails might contain links to malware-filled websites.

These emails are always covered with names that are owned by respectable groups or companies to make them look more real and legitimate, but those names are not really involved. Users will fall for the trick and do what the attacker asks under those impersonated names.

Phishing Bots

Phising bots are one of the smartest phishing attacks in crypto. These bots have been in use for years and have targeted millions of users. The phishing bot attack always comes from a fake account that looks respectable. Victims like MetaMask have warned its users about the phishing attacks under its name.

The purpose of these attacks is to gather the user’s personal information and wallet key phrases. These attacks are hard to identify for the users. It is indispensable to check the source of the messages and identify whether they are from a reliable website.

Fake Browser Extension

Fake browser extensions are another prominent form of crypto phishing. Many crypto users use browser extensions from different platforms, such as Phantom of Solana and MetaMask, to connect their wallets online. Cybercriminals will target this extension and make users fall into their trap.

These fake browser extensions help the attackers get login details and key phrases of user wallets. One of the ways to avoid these attacks is to never download extensions from random web stores on the internet. Also, make sure to check the reviews of the extension before downloading it.

DNS Hijacking

Users might get easily trapped in DNS (domain name server) hijacking due to its complexity: attackers hack the original website and replace it with a fake one to get users’ personal login details. It is also known as spoofing attacks.

Pancakeswape and Cream Finance were two recent victims of DNS hijacking. Both had experienced a DNS spoofing attack, though the details about any potential losses are unclear. One of the ways to avoid being trapped in DNS hijacking is to use a VPN or verify the URL of the website before entering your information.

How Can You Prevent Phishing Attacks?

Here are some steps to avoid phishing attacks:

Verify URLs and Websites

Users need to verify the URLs and websites before entering their credentials. Phishing URLs and websites always look very much like the real ones.

Use Trustworthy Wallets

Using trustworthy wallets in the crypto space is vital for protection against scams. Trusted wallets ensure secure fund storage and minimize the risk of fraud. Also, they can offer reliable services and provide assistance when you are being hacked.

Learn about Phishing Attacks

Familiarize yourself with common phishing tactics, such as fake airdrops, giveaways, or support requests. Learn to identify them by their poor grammar, generic greetings, and pressure tactics.

Leverage Browser Extensions

Installing security browser extensions will enable you to detect any phishing attacks. Also, enable the anti-phishing feature on your browser to protect yourself from these attacks.

Pay Attention to Random Messages

A lot of phishing bots will spam your messages with random links and websites. Make sure not to click any of them to avoid being trapped. These links mostly look like they are from a reputable source.

Buying TON with a Trusted Platform

TON is currently the 8th largest cryptocurrency in terms of market capitalization, with a TVL increased by over 4500% since the beginning of 2024, overtaking Dogecoin ($DOGE). The number of users on the TON network has grown from 228,000 to 4.6 million, popular games such as Notcoin gained over 35 million users, while Hamster Combact attracted over 200 million users, giving TON a value to be invested in.

If you are targeting TON, another safe way to do your trade is by choosing a trusted exchange platform.

CoinEx is a leading cryptocurrency exchange that has over 6 million users from more than 200 regions and countries. The CoinEx security team uses a variety of advanced mechanisms to balance convenience and security in hot and cold wallets, including multi-signature protocols, physical separation of systems, real-time monitoring, automated alerts, etc.

If you want to trade for TON on CoinEx, follow these steps:

• Create an Account: The first step is to create your account on CoinEx by using your email or phone number.
• Transfer Funds: Once the verification is done, add funds to your account. You can use different methods, such as P2P or transferring it from different crypto wallets.
• Search for TON/USDT Pair: Transfer your funds into a spot wallet on CoinEx and search for TON/USDT currency pair.
• Choose the Amount of Tokens: Enter the amount of tokens to buy. You can either buy it at the market price or set a limit. The tokens will be in your wallet. You can sell the limit at your desired price to sell your tokens.

CoinEx supports both the website and the mobile app. Its interface is clean and easy to navigate. If you need a wallet, CoinEx also has one. Check out here to find out more.

Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.

About CoinEx

Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.