Cryptocurrency Scammers Leave TON in Search of “Opportunities in Other Networks”
As wallet emptiers seek new opportunities, crypto scammers are abandoning the TON blockchain for lack of whales. Lucrative scams are discouraged by the TON blockchain’s controversial tokenomics and airdrop-centric user base. As the TON ecosystem loses its appeal, fraudsters migrate to the bitcoin blockchain in search of opportunities.
With the network no longer conducive to their schemes, cryptocurrency fraudsters known for using purse drains are abandoning the TON blockchain in search of new opportunities.
Purse drains are malicious tools that allow fraudsters to steal cryptocurrency from investors. Scammers often use phishing links to lure investors and trick them into surrendering their assets.
Cryptocurrency Scammers Leave TON
A TON wallet drainer is shutting down its services, according to Scam Sniffer, which helps users and developers avoid phishing sites and wallet drainers. A lack of TON whales was cited as the reason for the termination of services in the termination notice posted on Reddit.
As the TON purse drainers move out of the TON ecosystem, they are heading to the bitcoin blockchain, which is expected to provide them with a more significant avenue for looting. Looking back, the wallet drainers’ interest in the TON blockchain came amid a spike in the network’s value.
At the height of the rush, click or tap-to-earn games with airdrops contributed to the increase in value. Among them were Notcoin and Hamster Kombat, which drove up the number of daily active addresses. Then, malicious actors would take advantage of TON’s comment feature to lure in potential victims.
A click on the button would be the execution of the transaction. More specifically, the transfers would include a personalized message to the recipient in the wallet at the signing stage of the transaction. Scam Sniffer reported on how this tactic resulted in a loss of 22,000 TONs (which was $152,000 at the time) in May:
“As TON gains popularity, phishing scams are on the rise. Scam Sniffer has seen an increase in TON-related phishing sites in the past month. Don’t just trust, check! Using our extension or API? We actively protect you against these threats,” Scam Sniffer warned.
Interest in TON grew as phishing on Ethereum became harder due to advanced security tools that effectively detect malicious links and requests. Now, as the network is depleted of fraudulent activity, fraudsters are moving on to more vulnerable targets with fewer opportunities in TON.
Will Crypto Scammers Find TON Obsolete?
There are two main reasons for the lack of whales in TON. First, TON tokenomics has been highly controversial, which has been a deterrent to large-scale investment. Especially after the ICO, the lack of transparency in the allocation and distribution of tokens raised concerns about the fairness and legitimacy of the project.
This controversy escalated as wealth became concentrated among the initial investors, ultimately leading to Telegram shutting down the project after a protracted legal battle with the US SEC. Second, the abundance of crypto airdrops on the TON blockchain makes it difficult for fraudsters to make a significant amount of profit.
Most users are airdrop farmers. TON phishing scams offer limited rewards, making it less attractive to fraudsters. The TON blockchain led Layer 1 transactions in September, driven by Telegram-based games and projects that went viral, as reported by a media outlet. Traffic from popular TON projects like Notcoin, DOGS, and Hamster Kombat was critical, with regions like Russia and India leading adoption.
By Leonardo Perez