- The TON blockchain, associated with Telegram, reported a spike from one million to over nine million wallets from January to June 2024.
- Security concerns grow as TON faces an increase in phishing attacks, warned by cybersecurity experts SlowMist.
- Despite security challenges, the TON Foundation aims for a user base of 500 million by 2028, stressing the need for enhanced security measures.
The TON blockchain, linked to the messaging app Telegram, has recorded significant growth this year, with active wallets rising dramatically. Starting the year with about one million wallets, the platform has expanded to host over nine million by June.
However, this swift increase in users and activities on the TON platform has caught the attention of cybercriminals. June 2024 saw a notable rise in phishing activities targeting users of the blockchain, according to a report from the blockchain security company SlowMist. These attacks are part of a broader trend affecting many blockchain platforms, where rapid growth often leads to increased vulnerabilities.
The responsibility for safeguarding transactions on TON does not lie with Telegram but rather with the users and developers of various mini-applications operating on the platform. Stepan Chekhovskoi, a leading auditor at Hacken, noted the surge in mini-apps like Notcoin and Hamster Kombat, which do not always follow stringent security protocols, thereby risking users’ funds. He emphasized that while Telegram maintains the platform’s overall security, it does not extend to third-party applications developed on it.
A spokesperson from the TON Foundation highlighted the independent efforts by some developers to implement robust security measures in their apps. For instance, Tonkeeper, a popular wallet on TON, has introduced features that help users verify the authenticity of non-fungible tokens (NFTs) sent to them.
Safety Measures and User Responsibility
Moreover, according to Hacken’s Chekhovskoi, Telegram’s mini-apps handle private keys in ways similar to both custodial and non-custodial crypto wallets. He pointed out that while custodial apps require rigorous user identification methods such as passwords and two-factor authentication, self-custodial apps must ensure the strong encryption of private keys.
The decentralized nature of the TON ecosystem makes it an attractive target for scams. Users are advised to be vigilant and cautious, particularly with apps developed by lesser-known entities. Steve Milton, co-founder of the crypto wallet Fintopio, suggests checking for verification marks on apps to ensure their authenticity and reliability, as verified projects like his have committed to transparency and security.
The rise of scams on platforms like TON underscores the no easy fix to secure a decentralized network. Both developers and users must work diligently to protect their assets and personal information in an environment that is inherently open but risky.
