The Web3 sector is generally considered to have high exposure to cyber-attacks and hackers, but the Telegram-backed The Open Network (TON) blockchain has been particularly troubled. According to blockchain security company SlowMist, the TON blockchain faces a high risk of phishing attacks. The entire TON ecosystem is currently under threat, which could negatively affect the blockchain's near-future plans, especially at a time when the project aims to bring 500 million users onto the chain by 2028.
What do cyber experts say?
Yu Xian, the founder of SlowMist, alerted the team behind the TON blockchain about impending phishing threats on the network on June 23. In phishing attacks, the actor lures potential victims into sharing their private information, both personal and financial, in order to exploit the information and steal funds.
“There are more and more phishing activities in the TON ecosystem. The Telegram ecosystem is too free and many phishing links (or bot forms) are spread through message groups, airdrops and other methods misleading,” Xian posted via his Twitter account that goes by @evilcos.
Since TON users can link their wallets to their Telegram accounts, Xian fears that if the integrity of wallets linked to TON is breached, it could also expose the private messages of affected users.
The expert believes that the developers behind the TON blockchain should start taking steps to mitigate the situation.
According to Chainalysis, victims lost approximately $516.8 million (roughly Rs. 4,314 crore) to crypto phishing scams in 2022. In 2023, this number stood at $374.6 million (roughly Rs. 3,127 crore) till November.
So far, TON has not reacted to the development.
TON growth
For Telegram's founders, the Durov brothers, the idea of The Open Network first took shape around 2018. Later, in 2022, TON's main network went live and operational.
Recently, TON coin was listed on Binance for deposits and withdrawals. At the time of writing, TON was trading at $7.31 (roughly Rs. 610) on CoinMarketCap.
Since 2022, Web3 investment company DWF Labs has infused $10 million (roughly Rs. 80 million) into the Layer-1 blockchain network. At the same time, Telegram said it would auction rare usernames on the TON market.
