Cybersecurity firm Kaspersky has identified a surge in fraudulent activities targeting Toncoin users. The rise in scams is linked to Telegram’s support for The Open Network (TON) blockchain and the Toncoin (TON) token, attracting scammers looking to exploit unsuspecting investors.

Since November 2023, scams targeting Toncoin holders have been on the rise as interest in TON investments grows. Scammers are luring victims with a complex referral scheme, aiming to steal TON tokens from them.

Victims are enticed to join a Telegram bot that claims to store cryptocurrency and connect a web3 wallet to the bot’s system. Users are then coerced into purchasing “boosters” through the bot, with scammers insisting that this step is necessary to start making money. However, buying a booster results in users losing control over their cryptocurrency permanently.

The scammers promise users earnings from two sources: a flat payment of 25 TON for each friend referred and a commission based on the booster rate bought by referrals. Kaspersky estimates that users fall victim to scams losing anywhere between $2 to $2,700.

On the other hand, Toncoin’s price has dropped by over 5% in the last 24 hours to $5.72, as per CoinMarketCap data. Despite this, TON’s prices have seen a 10% increase in the month, largely due to various initiatives involving the Telegram messenger.

Telegram founder Pavel Durov recently announced upcoming features for the app, including the ability for sticker creators to earn from sales and a new donation function in the TON.

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