Telegram's TON Blockchain and Toncoin Token Targeted by Cryptocurrency Scammers
Summary:
Kaspersky has reported a cryptocurrency scam involving Telegram's The Open Network (TON) blockchain and Toncoin token, where scammers have been promoting a bogus referral scheme. Victims are tricked into buying “boosters” and lose control over their cryptocurrencies. The fraudulent activity, resembling a traditional pyramid scheme, has been operating since November 2023, exploiting the increased interest in the TON blockchain and Toncoin.
The Open Network (TON) blockchain owned by Telegram and its innate Toncoin token are attracting fraudulent activities aimed at manipulating naive tokenholders, according to cybersecurity firm Kaspersky. Kaspersky informed Cointelegraph about a cryptocurrency scam intended to take Telegram users' Toncoins (TON) worldwide. The fraudulent scheme, which has been in operation since at least November 2023, has gained momentum as interest and funding in TON increased. Scammers have been endorsing a complex referral scheme to acquire TON tokens from users.
Potential victims are sent a link from associates or friends to join a special earning program. Next, scammers persuade the victims to sign up for an unofficial Telegram bot falsely represented as a cryptocurrency storage tool and urging the victims to link their Web3 wallet to the bot's system. In an attempt to project credibility and invite false security, fraudsters guide users to buy Toncoins through official channels such as the official Telegram bot, peer-to-peer (P2P) markets, or cryptocurrency exchanges.
Victims are subsequently pressured to buy “boosters” via another bot. Scammers insist that this step is necessary for the victims to begin earning. The scammers reap their profits at this point as victims surrender control over their cryptocurrencies after purchasing a booster. The “boosters” prices, disguised as “bike”, “car”, “train”, “plane”, or “rocket,” range from 5 to 500 Toncoins, according to Kaspersky's experts.
Users are reported to lose between $2 and $2,700 due to this targeted pyramid scheme. The scammers also promote a referral program after deceiving users into buying phony boosters, asking victims to form private Telegram groups with their friends and acquaintances. The scammers provide a bilingual video (Russian and English) with instructions for users, alongside a referral link.
Users need to make five successful referrals to begin earning through the scam. The scammers guarantee earnings through two separate sources - one being a fixed 25 TON payment for each friend invited, and the other, a commission based on the referrals' booster tariff purchases. Kaspersky’s analysts highlighted that this turns out to be a typical pyramid scheme where only the scammers profit and all “partners” lose their investments. Cointelegraph has sought further information from Kaspersky on the number of affected users and the total funds lost, and this article will be updated accordingly.
Published At
4/23/2024 11:32:24 AM
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