Crypto scammers utilizing malware to pilfer digital assets have deemed the TON network too unappealing to target. However, the situation remains complex.
Experts from Scam Sniffer report that the operators behind a popular scam drainer have chosen not to pursue victims on the TON network.
A message shared in an unnamed Telegram channel revealed that the creators of the drainer have officially closed operations in the TON ecosystem, citing a lack of crypto whales as the primary reason.
The developers of the malicious application are now shifting their focus to the Bitcoin blockchain, potentially creating new opportunities for illicit activities.
“What’s next? If you enjoyed draining on the TON network, you will definitely like draining Bitcoins.”
The scarcity of whales on the TON blockchain can be attributed to the proliferation of airdrops, which have diminished the attractiveness of phishing schemes as a means of profit.
However, Yu Xian, the founder of SlowMist, suggests that understanding whale activity within TON warrants a more nuanced approach. He posits that the drainer team may be overlooking the potential of the TON blockchain.
“A phishing group on TON is shutting down, mistakenly believing there are no whale players and viewing TON as a small community. They’ve switched to the Bitcoin ecosystem… Too realistic. Or perhaps they simply lack insight.”
TON Blockchain Emerges as a New Hub for Scamming Activities
The TON blockchain has experienced remarkable growth in 2024, with its token value skyrocketing by over 100% since the year’s outset. The integration of TON with major messaging platforms has further solidified its standing as a prominent cryptocurrency distribution channel.
The surge in scam activity on TON aligns with the blockchain’s rapid expansion. Increased interest and investment in TON have fueled fraudulent schemes since at least November 2023.
This rising interest is largely driven by the popularity of mini-apps, with scammers exploiting trending games like Notcoin and Hamster Kombat. Fraudsters have frequented tap-to-earn games to deceive users.
For instance, Kaspersky Lab has reported that scammers lured individuals into earning Toncoin (TON) through bots and referral links, complete with deceptive video tutorials and misleading text guides accompanied by illustrative screenshots.
The Tonkeeper team has indicated that scammers are adept at capitalizing on current trends, creating tokens that mirror popular projects, such as those linked to the launch of Hamster Kombat.
“Fraudsters typically issue tokens ahead of the official launch of real coins. Always verify token launches through official channels.”
Security experts from BlockAid have also observed that hackers have repurposed tactics previously utilized on Ethereum and Solana, with over 300 malicious decentralized applications (dapps) surfacing on TON in September, underscoring the escalating threat landscape.
Current Trends in Blockchain Fraud
While TON is witnessing increased scam activity, data from the REKT Database illustrates that Ethereum continues to be the most targeted blockchain for fraud. Ethereum experienced phishing losses exceeding $65 million last year, accounting for 91% of total losses in the crypto space, while Arbitrum faced losses of $5.2 million and Bitcoin reported $768,000 in losses.
In the realm of exploits, Ethereum remains the most adversely affected blockchain, recording losses of $482.7 million. Conversely, Binance suffered the greatest financial blow from exit scams, facing losses of $74.5 million.
As attackers shift their focus to the Bitcoin blockchain, CertiK has noted a significant uptick in scammers drawn to Bitcoin’s extensive transaction volumes and large user base.
The prevalence of phishing attacks on Bitcoin has surged recently, with one of the most notable breaches resulting in an astonishing $238 million loss from a Bitcoin whale, further emphasizing the growing threats within this sector.
