Telegram-Supported Blockchain Exploited in Cryptocurrency Scams

Telegram's embrace of The Open Network (TON) blockchain has attracted scammers exploiting unsuspecting token holders. Kaspersky's cybersecurity firm details a cryptocurrency scam targeting Telegram users, using a sophisticated referral program to steal TON tokens. Victims are lured with promises of earning through unofficial Telegram bots, where they purchase fake "boosters" and recruit others into the pyramid scheme, resulting in losses ranging from $2 to $2,700.

Telegram-Endorsed Blockchain Targeted by Cryptocurrency Scam

Telegram's decision to adopt The Open Network (TON) blockchain and incorporate its Toncoin token has made it a target for malicious actors seeking to exploit unsuspecting token holders.

Kaspersky, a leading cybersecurity firm, has released details of a sophisticated cryptocurrency scam that has been victimizing Telegram users worldwide since November 2023. The scheme capitalizes on the heightened interest and investment in the TON network.

According to Kaspersky's analysis, the scam involves an elaborate referral program designed to surreptitiously pilfer TON tokens from unsuspecting victims. Scammers entice individuals with promises of an exclusive earnings program, sending links through trusted contacts to create an air of legitimacy.

Upon clicking on the provided link, victims are directed to an unofficial Telegram bot purportedly intended for secure cryptocurrency storage. They are then instructed to link their Web3 wallet to the bot. To bolster the pretense of trustworthiness, the scammers advise victims to acquire Toncoins from reputable sources such as the Telegram bot itself, P2P markets, or exchanges.

The deception culminates in the purchase of fraudulent "boosters" from a separate bot. The boosters are labeled with incremental designations (e.g., "bike," "car," "train," "plane," "rocket") and carry varying price tags ranging from 5 to 500 Toncoins.

Through the targeted pyramid scheme, unsuspecting victims endure losses that can range from $2 to $2,700. Having convinced victims to invest in phony boosters, the scammers further introduce a referral program that compels victims to recruit their friends and contacts to create private Telegram groups.

The scammers promise earnings from two primary sources: a fixed payment of 25 TON for each referred friend and a commission proportionate to the booster tariff purchased by the recruits.

To safeguard against this malicious scheme, Kaspersky advises Telegram users to exercise caution before clicking on untrusted links or sharing personal information. Additionally, users should refrain from linking their Web3 wallet to unofficial bots and only purchase Toncoins from legitimate sources.

Telegram's integration of blockchain technology has generated significant interest within the cryptocurrency community. However, it remains imperative to maintain vigilance against individuals seeking to exploit the platform's popularity for illicit gain. By adhering to these safety measures, Telegram users can mitigate the risk of falling victim to this targeted cryptocurrency scam.