- Certik warns of the potential risk of the rapid growth of the Telegram Bot token market.
- The Blockchain Security Firm analysis suggests that more than 40% of these tokens could be exit scams.
- This comes as the Telegram platform strides in crypto, launching a self-custodial wallet.
The crypto space in the past few months has experienced an increase in the popularity of Telegram Bot, which has been turning the messaging app into a quasi-crypto marketplace. However, the surge has raised concerns as the blockchain security firm Certik has cautioned on the potential risk of the rapid growth of the Telegram Bot token market.
A cautious message released by the firm on September 13 suggested that more than 40% of these tokens could be exit scams.
Further, Certik added that these tokens have experienced a surge in popularity since July 20, with gains exceeding 1000%. However, the company has attributed the surge to UNIBOT’s success. Unibot is an influential Telegram bot that enables efficient trading and risk management. The pioneering bot token saw its price surge by nearly 1300% on the day of its listing, reaching an all-time high of $90.
Telegram, a widely used messaging social media platform, has evolved into more than just a communication platform. Various crypto enthusiasts and developers have camped on the platform for various purposes, including bot token services. Various Telegram bots are available in the market, offering different products and services.
For instance, the Telegram bot IMGNAI gives users with the ability to create unique images using artificial intelligence. Unlike the free users, those with IMGNAI tokens can relish water-free images in 4K resolution (high quality).
However, some of these bots are set apart in creating native cryptocurrency tokens. It is worth mentioning that other Telegram bots lack any meaningful use case and are predominantly speculative investments, attracting individuals who purchase them with the forecast of making profits.
Telegram’s Self-Custodial Wallet- (TON)
On the other hand, in a joint announcement at Singapore’s Token2049 crypto conference, Telegram and the TON Foundation revealed the launch of TON Space, a new self-custodial wallet. It is worth mentioning that this self-custodial wallet, developed by The Open Platform (TOP), facilitates users with greater control over their crypto assets.
TOP comprises a team dedicated to wallet development and a venture-building division called TOP Labs. It closely collaborates with the TON ecosystem and manages a portfolio of TON-based apps.
Further, commencing November, TON space will be accessible and available to Telegram’s users globally without needing wallet registration. This feature is an extension of the existing custodial version of the Telegram wallet, which has garnered 3M registered users.
However, certain jurisdictions, such as the United States, are currently factored out from the self-custodial wallet due to the country’s increased regulatory scrutiny and the geo-fencing of numerous crypto apps from the market.
Recently, the team overseeing The Open Network (TON) completed its transition into a Swiss non–profit organization. This move indicates the project’s commitment to regulatory compliance and transparency.
In conclusion, launching the self-custodial wallet on the TON blockchain marks a significant milestone in the crypto ecosystem. However, as the crypto space evolves, Certik’s analysis serves as a quick reminder for users to be highly cautious and conduct thorough research. This can be of the essence, especially when navigating into bot tokens’ complex landscape to avoid apparent repercussions.