Crypto fraudsters known for using wallet drainers are abandoning the TON blockchain in search of new opportunities as the network no longer serves their plans.
Wallet drainers are malicious tools that allow abusers to steal cryptocurrencies. Scammers typically lure investors into these traps through phishing links, forcing them to give up access to their assets.
Cryptocurrency scammers steal TON blockchain over whale shortage
Scam Sniffer, which helps users and developers avoid phishing sites and wallet drainers, highlighted that the TON wallet drainer is no longer in service. The withdrawal notice posted on Reddit cites a lack of TON whales as the reason for the service's termination.
Once the TON wallet drainer leaves the TON ecosystem, it will target the Bitcoin blockchain, which is expected to become a more important means of looting.
Read more: What is Telegram Mini App? A Beginner’s Guide to Cryptocurrency
In retrospect, Wallet Drainer's interest in the TON blockchain was born out of the growing value on the network. At the height of the frenzy, airdrop-based clicker games and tap-to-earn games helped skyrocket in value. These included Notcoin and Hamster Kombat, which drive daily active addresses.
Malicious actors then leverage TON's comment feature to lure potential victims. Clicking the button executes the transaction. Specifically, the transfer includes a custom message to the recipient during the signature stage within the wallet. Scam Sniffer reported losses amounting to 22,000 tons ($152,000 at the time) due to this tactic in May.
“As TON grows in popularity, so do phishing scams. Scam Sniffer has detected a spike in TON-related phishing sites in the last month. Don't just trust it. Check it out! We are actively protecting you from these threats,” Scam Sniffer warned.
Interest in TON has increased as Ethereum phishing has become more difficult due to advanced security tools that effectively detect malicious links and requests. Now, as opportunities in TON diminish and networks become depleted against fraudulent activity, fraudsters are moving in search of even more vulnerable targets.
TON Understand why blockchain is becoming obsolete for cryptocurrency scammers
The scarcity of whales on the TON blockchain stems from two important factors. Firstly, TON’s tokenomics is highly controversial and discourages large-scale investment.
The lack of transparency in how tokens are allocated and distributed has raised concerns about the project's fairness and legitimacy, especially after the ICO. The controversy intensified as wealth was concentrated among early investors, and eventually led to Telegram shutting down the project after a lengthy legal battle with the US SEC.
Second, the abundance of cryptocurrency airdrops on the TON blockchain makes it difficult for scammers to make large profits. Since the majority of users are airdrop farmers, phishing scams on TON offer limited rewards and are less attractive to scammers.
Read more: What is Telegram Bot Coin?
As reported by BeInCrypto, the TON blockchain led Layer 1 transactions in September with viral Telegram-based games and projects. Among these, the big hits were “Hamster Kombat,” “Catizen,” and “DOGS.” Their gameplay, rewards, and token generation events (TGEs) including airdrops have accelerated TON's growth to millions of active users.
A recent Bitget report confirms this assumption. The company said traffic from popular TON projects such as Notcoin, DOGS and Hamster Kombat will help, with regions such as Russia and India leading the way in adoption.
Disclaimer
In accordance with Trust Project guidelines, BeInCrypto is committed to fair and transparent reporting. This news article is intended to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to independently verify their facts and consult a professional. Please note that our Terms of Use, Privacy Policy and Disclaimer have been updated.
