Telegram’s public support for The Open Network (TON) blockchain and its intention to incorporate its native Toncoin token have led to scammers targeting unsuspecting tokenholders to exploit them.
Information shared with Cointelegraph from cybersecurity firm Kaspersky outlines a cryptocurrency scam that has been attempting to steal Toncoins (TON) from Telegram users worldwide.
According to experts at Kaspersky, the scam has been operating since at least November 2023 as interest and investments in TON surged. Scammers have been promoting an elaborate referral scheme that ultimately aims to steal TON tokens from users.
Related: Telegram commits to TON blockchain, plans to support tokenized emojis and stickers NFTs
Potential targets receive a link from friends or contacts to participate in an “exclusive earning program.” The scammers then begin prompting victims to join an unofficial Telegram bot, purportedly designed to store cryptocurrency and to link their Web3 wallet to the bot’s system.
At the same time, the fraudsters instruct users to purchase Toncoins through legitimate channels like the official Telegram bot, peer-to-peer (P2P) markets, or cryptocurrency exchanges, which adds an element of credibility and a false sense of security.
Victims are then coerced into purchasing “boosters” using a separate bot. The scammers claim that users must complete this action to start earning.
This is the point at which scammers make their money. After purchasing a booster, the user irrevocably loses control of their cryptocurrency.
“The costs of “boosters” – labeled by the scammers as “bike,” “car,” “train,” “plane,” or “rocket” – vary from 5 to 500 Toncoins,” Kaspersky’s experts explain.
Users lose anywhere between $2 and $2,700 through the targeted pyramid scheme. After convincing users to purchase fake boosters, the scammers also tout a referral program that requires victims to create private Telegram groups with friends and contacts.
Related: New Telegram mini-apps will be so convenient users won’t know it’s crypto
The scammers provide a referral link that comes with its own video instructions for users in both Russian and English. Users are required to have five successful referrals in order to start earning through the fraudulent scheme.
The scammers promise earnings from two sources, including a fixed payment of 25 TON for each invited friend and commission based on the booster tariff purchased by your referrals.
“It turns out to be a classic pyramid scheme, in which each participant is a partner rather than a freeloader. Sadly, nobody profits except the scammers, and all “partners” lose their investments,” Kaspersky’s analysts explain.
Cointelegraph has requested additional information from Kaspersky regarding the amount of users that have been affected and the total amount of funds that have been lost. This article will be update accordingly.
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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support. Telegram’s public support for The Open Network (TON) blockchain and its intention to incorporate its native Toncoin token have led to scammers targeting unsuspecting tokenholders to exploit them. Information shared with Cointelegraph from cybersecurity firm Kaspersky outlines a cryptocurrency scam that has been attempting to steal Toncoins (TON) from Telegram users worldwide. According to experts at Kaspersky, the scam has been operating since at least November 2023 as interest and investments in TON surged. Scammers have been promoting an elaborate referral scheme that ultimately aims to steal TON tokens from users. Related: Telegram commits to TON blockchain, plans to support tokenized emojis and stickers NFTs Potential targets receive a link from friends or contacts to participate in an “exclusive earning program.” The scammers then begin prompting victims to join an unofficial Telegram bot, purportedly designed to store cryptocurrency and to link their Web3 wallet to the bot’s system. At the same time, the fraudsters instruct users to purchase Toncoins through legitimate channels like the official Telegram bot, peer-to-peer (P2P) markets, or cryptocurrency exchanges, which adds an element of credibility and a false sense of security. Victims are then coerced into purchasing “boosters” using a separate bot. The scammers claim that users must complete this action to start earning. This is the point at which scammers make their money. After purchasing a booster, the user irrevocably loses control of their cryptocurrency. “The costs of “boosters” – labeled by the scammers as “bike,” “car,” “train,” “plane,” or “rocket” – vary from 5 to 500 Toncoins,” Kaspersky’s experts explain. Users lose anywhere between $2 and $2,700 through the targeted pyramid scheme. After convincing users to purchase fake boosters, the scammers also tout a referral program that requires victims to create private Telegram groups with friends and contacts. Related: New Telegram mini-apps will be so convenient users won’t know it’s crypto The scammers provide a referral link that comes with its own video instructions for users in both Russian and English. Users are required to have five successful referrals in order to start earning through the fraudulent scheme. The scammers promise earnings from two sources, including a fixed payment of 25 TON for each invited friend and commission based on the booster tariff purchased by your referrals. “It turns out to be a classic pyramid scheme, in which each participant is a partner rather than a freeloader. Sadly, nobody profits except the scammers, and all “partners” lose their investments,” Kaspersky’s analysts explain. Cointelegraph has requested additional information from Kaspersky regarding the amount of users that have been affected and the total amount of funds that have been lost. This article will be update accordingly. Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis
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Scammers eye Toncoin as Telegram-TON partnership grabs headlines
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