Fun

TON ecosystem scams on the rise: How to stay safe

News Feed - 2024-07-10 10:07:28

Helen Partz10 hours agoTON ecosystem scams on the rise: How to stay safeAs the TON blockchain is open-source and permissionless, individual users and projects must be careful to ensure their own safety.3529 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Open Network (TON), a blockchain platform integrated with Telegram, has experienced record-breaking growth in 2024. The number of onchain-activated wallets surged from approximately 1 million in January to over 9 million in June.


However, TON’s massive inflow of new users has not been overlooked by scammers. In June 2024, blockchain security firm SlowMist issued a warning on increasing phishing attacks on the TON ecosystem.


As the TON Foundation ambitiously expects to onboard 500 million users by 2028, it raises the question of how to properly protect users from attacks of all possible vectors without hindering rapid adoption.


Cointelegraph contacted several executives and firms, including the TON Foundation, to better understand the nature of risks in the TON ecosystem and identify steps to keep users’ assets safe.Telegram isn’t responsible for the safety of Mini Apps, says Hacken executive


While identifying the risks in the TON ecosystem, one should realize that Telegram is not responsible for the safety of TON-linked Mini Apps.


The number of Mini Apps on Telegram — such as Notcoin or Hamster Kombat — has been surging significantly over the past few months. However, not all of those apps adhere to the best practices of security to ensure the safety of funds of their users, Stepan Chekhovskoi, lead smart contract auditor at the cybersecurity firm Hacken, told Cointelegraph.


“It’s worth mentioning that this is not Telegram’s fault,” Chekhovskoi emphasized, adding that users’ safety on Mini Apps lies on founders and project teams. He added:“However, Telegram has to take care of the security of the platform itself and to ensure its functionality enables users to seamlessly secure its accounts; it has little to nothing to do with the security of a Mini App developed by a third party.”


A spokesperson from the TON Foundation confirmed that users and projects are solely responsible for safety, stating:“As TON blockchain is open-source and permissionless, individual users and projects must be careful to ensure their own safety and security when undertaking network activity.”TON Foundation “impressed” with security measures by some Mini Apps


The TON Foundation strongly encourages security measures adopted by Mini Apps on Telegram.


“We have been impressed with the actions of many projects as they look to protect their users,” a representative at the TON Foundation told Cointelegraph.


For example, Tonkeeper, one of the most popular TON-based wallets, has enabled users to mark whether a non-fungible token (NFT) they have received is legitimate.


The spokesperson also highlighted the importance of an active and engaged community as one of the best safeguards against bad actors. The representative added:“Users should always be careful when transacting onchain. Please remember that any onchain transaction is irreversible. We strongly advise our users not to click on suspicious links and double-check every detail before signing any onchain transaction.”Self-custodial and custodial Mini Apps on Telegram


According to Hacken’s Chekhovskoi, Telegram Mini Apps are “no different” from apps built on other platforms from a security perspective. As such, one should apply the same web and crypto security measures to those apps.


According to Chekhovskoi, Telegram’s Mini Apps have two ways of managing user private keys, which can be compared to custodial and non-custodial wallets in crypto.


“The majority of Telegram Mini Apps are custodial, so like any other provider of a custodial wallet, they must properly identify their users using additional passwords, 2FA [two-factor authentication] mechanisms and others,” the expert said.


For self-custodial apps, users must ensure strong encryption for private key storage. “If the application doesn’t require an eight-symbol-character password, including numbers and special symbols, or at least a fingerprint, it means the private key is not securely encrypted,” Chekhovskoi noted.


Related:Bybit lists Hamster Kombat’s token for pre-market trading


Users should also vary the risks associated with automated login on all devices. If the automated login is enabled, anyone who gets access to the user’s device by default has access to their Mini Apps.Non-technical threats in the TON ecosystem


The TON ecosystem’s decentralized nature and ease of use naturally lure scammers, and there’s “no silver bullet to protect users,” according to Hacken.


To avoid non-technical scams on TON, individuals should exercise caution when interacting with non-official apps and those launched by lesser-known developers.


According to Steve Milton, co-founder and CEO of the crypto wallet Fintopio, one way to avoid potential phishing attacks is to check whether Mini Apps have a verification mark.


Telegram offers verification for public figures and organizations so that users can easily identify official sources. The Telegram team generally verifies bots as well as official channels or public groups.An example of Telegram’s verification mark for popular tap-to-earn game Hamster Kombat. Source: Hamster Kombat


“Projects that have undergone this rigorous process, such as Fintopio, have demonstrated a commitment to transparency and reliability,” Milton said.


Hacken’s Chekhovskoi also cautioned against get-rich-quick schemes on Telegram, stressing that free cheese is only found in a mousetrap. He stated:“Always remain skeptical of free money offerings. If you embrace a suspicious opportunity, it is better not to risk your main crypto wallet and create a new account for this purpose.”


For more tips on staying safe on TON and Telegram, users can also follow relevant guidance from the TON Foundation.


Magazine:As Ethereum phishing gets harder, drainers move to TON and Bitcoin# Blockchain# Security# Adoption# Telegram# TON# ScamsAdd reaction

News Feed

How to Give Bitcoin or Another Cryptocurrency as a Gift Using BitCard
How to Give Bitcoin or Another Cryptocurrency as a Gift Using BitCard press release PRESS RELEASE. As Bitcoin and crypto grows in its appeal and global use by individuals, businesse
Bank of Ghana Urged to Resist Developing a CBDC Based on ‘Old Traditional Siloed Financial Thinking’
Bank of Ghana Urged to Resist Developing a CBDC Based on "Old Traditional Siloed Financial Thinking" A Ghanaian blockchain and crypto association, Afroblocks, ha
Adult Film Star Lana Rhoades Deletes Twitter Account After NFT Project Was Criticized
Adult Film Star Lana Rhoades Deletes Twitter Account After NFT Project Was Criticized Adult film star Lana Rhoades is being criticized for her non-fungible token (NFT) project call
Fintech Platform Nequi Plans to Get Into the Cryptocurrency Business in Colombia
Fintech Platform Nequi Plans to Get Into the Cryptocurrency Business in Colombia Nequi, a fintech neobank which allowed Colombian citizens to test all-digital financial services, h
Bitcoin eyes 7-month win streak for the first time
Zoltan Vardai7 hours agoBitcoin eyes 7-month win streak for the first timeThis would be the first time that Bitcoin price rallied for seven months in a row.5989 Total views15 Total sharesListen to article 0:00Markets New
UK gov't calls for action on AI copyright, market competition
Arijit Sarkar10 minutes agoUK gov"t calls for action on AI copyright, market competitionThe U.K. government is under pressure to increase AI oversight following a House of Lords report highlighting the need for stricter
Kim Kardashian Called out by UK Regulator for Pumping Crypto Token That Could Harm Investors
Kim Kardashian Called out by UK Regulator for Pumping Crypto Token That Could Harm Investors Kim Kardashian has been singled out by the U.K.’s Financial Conduct Authority (F
Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies
Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies Cryptocurrencies are anonymous and the government shouldn’t encourage
India’s Central Bank Governor Warns Crypto Market May Crash and Small Investors Will Lose Money
India"s Central Bank Governor Warns Crypto Market May Crash and Small Investors Will Lose Money RBI Governor Shaktikanta Das has warned that the crypto market may crash and small i
China’s Inner Mongolia Plans to Shut Down Bitcoin Mining Operations by April This Year
China"s Inner Mongolia Plans to Shut Down Bitcoin Mining Operations by April This Year Inner Mongolia, an autonomous region in northern China, is planning to shu
Turner Wright14 hours agoBinance cuts back on employee benefits, citing ‘decline in profit’: ReportThe crypto exchange reportedly stopped offering reimbursement to employees for certain expenses, including the use of
Bitcoin price risks 1-week lows as US GDP sparks ‘stagflation’ woes
William Suberg9 hours agoBitcoin price risks 1-week lows as US GDP sparks ‘stagflation’ woesBitcoin traders remain unfazed as BTC price action follows stocks downward on the back of surprise U.S. macro data.2645 Tota