Fraudsters have decided not to operate in TON. But is this a good thing?

Crypto scammers using malware to raise digital resources refused to attack TON users. However, issues are no longer so particular-decrease.

Scam Sniffer consultants famed that the operators of a drainer standard among scammers rejected the TON network.

In a message printed in an unspecified Telegram channel, the drainer creators presented its closure within the TON ecosystem. The foremost reason is the shortcoming of crypto whales:

The malicious application’s developers are now transferring to the Bitcoin blockchain, which can maybe procure many extra alternatives for scammers to rob.

“What’s subsequent? If you happen to enjoyed draining on the TON network it’s seemingly you’ll maybe definitely live draining Bitcoins.”

One of many foremost causes for the shortcoming of whales is the spacious assortment of airdrops on TON. They originate fraud no longer the most a success capability to buy money: phishing schemes on The Start Network ship shrimp income, reducing scammers’ hobby.

However, SlowMist founder Yu Xian mentioned that such an assessment of whale exercise in TON also can simply ought to aloof be extra complex. In his notion, the drainer team also can simply must pay extra consideration to the aptitude of the TON blockchain.

“A phishing team on TON is ready to end down, arguing that they comprise about TON has no whale players and is a cramped neighborhood. They’ve already changed into to the Bitcoin ecosystem… Too sensible. Or even this gang isn’t tidy ample.”

Yu Xian, SlowMist founder

How the TON blockchain grew to turn out to be a fresh haven for scammers

TON has turn out to be one in all the most a success experiences of 2024, with the worth of its token rising by greater than 100% for the explanation that foundation of the one year. As well, integrating TON with the Telegram messenger, which has greater than 900 million users, reinforced its station as a seemingly set for the fresh distribution of cryptocurrency.

Scammers’ exercise in TON arose in opposition to the backdrop of the immediate growth of the blockchain. Due to increased hobby and investment in TON, counterfeit exercise has gained momentum since at the very least November 2023.

The hobby is frequently pushed by the rising reputation of mini-apps. They efficiently exploited the reputation of projects akin to Notcoin and Hamster Kombat. Most ceaselessly, the attackers frail the reputation of faucet-to-buy video games.

To illustrate, Kaspersky Lab famed that scammers equipped to buy Toncoin (TON) using bots and referral hyperlinks. To originate it less complicated to deceive users, the scammers recorded a video with instructions, created text manuals, and equipped them with many explanatory screenshots.

Tonkeeper outlined that the scammers rely on present traits within the ecosystem. To illustrate, they created a token in opposition to the backdrop of the pleasure precipitated by the start of Hamster Kombat. Due to this reality, the names and tickers of wrong tokens are frequently consonant with the names of standard projects.

“On the full, scammers procure tokens sooner than the respectable list of the precise coin. Test data in regards to the token start in respectable sources.”

Tonkeeper team

Consultants from BlockAid also famed that attackers frail leak tools previously frail on the Ethereum and Solana platforms. In September, greater than 300 malicious decentralized functions (dapps) comprise been launched on TON, highlighting the rising threats.

What’s the most standard blockchain for fraud?

No subject the rising reputation of TON, the blockchain has but to boast of reputation among fraudsters, in line with data from the REKT Database.

Thus, Ethereum grew to turn out to be the leader in phishing attacks final one year, suffering losses of over $65 million, 91% of the full loss. Arbitrum also suffered losses of $5.2 million, while Bitcoin misplaced $768,000.

In phrases of exploits, Ethereum changed into also the most affected blockchain on this class, with losses of $482.7 million, while Binance changed into the most inclined to exit scams, with an absence of $74.5 million.

Regarding attackers’ transfer to the Bitcoin blockchain, CertiK, one other renowned company within the blockchain safety field, emphasized that scammers are changing into extra and extra in Bitcoin attributable to its excessive transaction volumes, mammoth person rotten, and crucial total payment locked (TVL).

Blockchain statistics by hack volume in Q3 2024. Source: CertiK

Phishing attacks on Bitcoin comprise increased very a lot in recent months. One of many most distinguished incidents changed into the attack on a Bitcoin whale that resulted in $238 million in losses, extra highlighting the rising risks on this set.