2024 has been a big success story for TonCoin (TON) so far. The TON blockchain has been rapidly gaining popularity over the past year, thanks in part to the large user base of Telegram, of which TonCoin is the native token, according to Blockaid, a crypto security company.

The rise of TON

At the beginning of this year, the Ton network had only 228 thousand monthly users. Nearly 6 million people now use the network every month. TON’s share price also rose by more than 450 percent in the past 12 months.

However, this rapid growth has a downside. TonCoin’s popularity makes it an attractive target for crypto scammers who were previously active on the Ethereum (ETH) network. TON’s relatively less advanced security measures, compared to older blockchains such as Ethereum, make it an easy target for phishing attacks.

Crypto criminals use various tactics to steal assets from TON users. One of the most common methods is sending misleading messages within transactions, causing users to unknowingly transfer their tokens. These types of scams are possible because many new users are still unfamiliar with the security risks of newer blockchains such as TON.

The scams on the TON network are so popular that scammers can purchase scripts for $300 that they can start using right away. Scammers are known for their activity in the crypto sector, and the current situation on the Ton network is a clear example of this.

Mopping with the tap open

As blockchains like Ethereum and Solana improve their security, cybercriminals are targeting less secure platforms like TON and even Bitcoin. Although Bitcoin is known for its strong security, users on the Bitcoin network remain vulnerable to phishing attacks due to a lack of knowledge.

Although scammers appear to be shifting away from Ethereum, the Ethereum network continues to yield the largest loot for crypto criminals. In May, a total of $42 million was stolen via phishing scams, 80 percent of which occurred on the Ethereum network.

The crypto community is working hard to improve security measures to protect users from scammers, but it’s like running the mop. Blockaid has successfully banned scammers from Ethereum and Solana, but scammers are quickly migrating to the next blockchain to repeat their scamming processes.

“We started with Ethereum — that’s where we blocked them. Then they went to Solana — we blocked them there too. Now they are moving to TON. After this, they will be on the next blockchain,” said a Blockaid spokesperson.

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Source: https://newsbit.nl/de-populaire-ton-blockchain-is-een-walhalla-voor-scammers/

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