Crypto scammers using malware to steal digital assets have notably refrained from targeting TON users. However, the situation is more nuanced.

Scammers Abandon TON Network

Scam Sniffer experts observed that operators of a popular drainer among scammers have rejected the TON network. In a message published in an unspecified Telegram channel, the drainer creators announced its closure within the TON ecosystem. The primary reason cited is the lack of “crypto whales.”

A Ton wallet drainer is shutting down its services.

Developers of the malicious application are now shifting their focus to the Bitcoin blockchain, which likely presents more opportunities for scammers to exploit.

“What’s next? If you enjoyed draining on the TON network, you will definitely love draining Bitcoins.”

Reasons Behind the Shift

One key factor for the absence of whales in TON is the abundance of airdrops. These airdrops make phishing schemes less profitable, reducing scammers’ interest.

However, Yu Xian, founder of SlowMist, suggests that the drainer team might be underestimating the potential of the TON blockchain.

“A phishing group on TON is ready to shut down, arguing that they believe TON has no whale players and is a small community. They have already turned to the Bitcoin ecosystem… Too realistic. Or maybe this gang isn’t smart enough.”

TON’s Growth and Scammers’ Activity

TON has emerged as one of the most successful stories of 2024, with the token’s value increasing by over 100% since the start of the year. The integration of TON with the Telegram messenger, which boasts over 900 million users, has further cemented its potential for widespread cryptocurrency distribution.

Scammers’ activity in TON surged alongside the blockchain’s rapid growth. Increased interest and investment in TON have led to a rise in fraudulent activities since at least November 2023.

The growing popularity of mini-apps has driven this interest. Scammers have leveraged the success of projects like Notcoin and Hamster Kombat, often exploiting the popularity of tap-to-earn games.

For instance, Kaspersky Lab identified scammers offering ways to earn Toncoin through bots and referral links. They used videos, text manuals, and explanatory screenshots to deceive users.

“Usually, scammers create tokens before the official listing of the real coin. Check information about the token launch in official sources.”

Scammers’ Methods

Experts from BlockAid noted that attackers used tools previously employed on Ethereum and Solana platforms. In September, over 300 malicious decentralized applications (dapps) were launched on TON, indicating growing threats.

Most Popular Blockchains for Fraud

Despite TON’s rising popularity, it hasn’t become a major target for fraudsters. Data shows that Ethereum led phishing attacks last year, with losses exceeding $65 million, accounting for 91% of the total loss. Arbitrum suffered $5.2 million in losses, while Bitcoin lost $768,000.

Regarding exploits, Ethereum faced the most significant impact, with losses amounting to $482.7 million. Binance was the most vulnerable to exit scams, with a loss of $74.5 million.

Scammers Shift Focus to Bitcoin

CertiK emphasized that scammers are increasingly interested in Bitcoin due to its high transaction volumes, large user base, and significant Total Value Locked (TVL).

Phishing attacks on Bitcoin have surged in recent months. A notable incident involved a Bitcoin whale losing $238 million, highlighting the growing risks in this area.

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