The growth of the Telegram Open Network (TON) ecosystem has been accompanied by a surge in phishing attacks, particularly affecting accounts created using anonymous Telegram numbers. These attacks have intensified as the Total Value Locked (TVL) in TON witnessed an unprecedented 4,500% increase in 2024. Cybercriminals are targeting the ecosystem due to its heightened network activity and the appreciating value of TON's native token.
Attack Strategies
Cyber attackers are employing various phishing techniques to deceive users, such as enticing them with fake airdrops. Once infiltrated, they gain unauthorized access to users' TON wallets, allowing them to steal assets, including non-fungible tokens (NFTs). Yu Xian, the founder of SlowMist, a blockchain security firm, underlined that these attacks predominantly spread through group chats on Telegram. The decision to enable anonymous numbers for login without SIM card verification in late 2022 has escalated the vulnerability of such accounts, despite enhancing the platform's accessibility.
This blockchain-based approach increases the platform's susceptibility to security breaches.
Escalating Vulnerabilities
Users face heightened risks if they fail to implement additional security measures like unique passwords or two-factor authentication. In the event of a phishing attack, not only is the user's TON wallet compromised, but the associated Telegram account can also be jeopardized.
Despite these security challenges, the TON ecosystem has observed substantial growth. The decentralized Layer-1 Blockchain has witnessed a surge in daily transaction volumes, with recent figures reaching 10% of Bitcoin's daily transfer statistics. For comparison, Bitcoin's average daily transfer volume is approximately $50 billion, whereas TON's daily transfer volume has fluctuated between $5 billion and $10 billion in recent weeks.
Factors Fueling Growth
Several factors have fueled this growth spurt. Telegram introduced an advertising system on its platform, promising to distribute half of the revenue generated by channels directly to their owners in TON cryptocurrency. Moreover, the initiation of The Open League program in April introduced a sustainable incentive mechanism aimed at engaging and rewarding stakeholders within the TON community.
Highlighting the ecosystem's expansion, recent statistics from DeFiLlama illustrated that TON's Total Value Locked (TVL) surged to approximately $650 million, signifying a nearly 7% growth in just one week. This remarkable increase also marks a staggering 4,540% surge since the onset of 2024 when TVL stood around $14 million.
