Recent insights from Scam Sniffer experts reveal that scammers utilizing malware to steal digital assets are abandoning the TON network due to a perceived lack of profitable targets, or “whales.” The creators of a popular drainer—malicious software designed for stealing cryptocurrency—announced their decision to close operations within the TON ecosystem, citing minimal returns from phishing schemes in this environment.
In a message shared in an unspecified Telegram channel, the drainer developers stated, “If you enjoyed draining on the TON network, you will definitely love draining Bitcoins,” as they shift their efforts to the Bitcoin blockchain, where they anticipate more lucrative opportunities for fraud.
Reasons Behind the Shift
The apparent absence of whales on the TON network has been attributed to the prevalence of numerous airdrops, which have reduced the profitability of phishing operations. According to experts, this has made scams less attractive, diminishing scammers’ interest in targeting the TON ecosystem.
However, Yu Xian, founder of SlowMist, argues that the assessment of whale activity in TON may be oversimplified. He suggested that the drainer team might overlook the potential of the TON blockchain and its growing ecosystem. “They believe TON has no whale players and is a small community. They have already turned to the Bitcoin ecosystem… Too realistic. Or maybe this gang isn’t smart enough,” he remarked.
TON’s Rising Popularity and Fraud Activity
The TON blockchain has gained significant traction in 2024, with its token value increasing over 100% year-to-date. Integration with the Telegram messaging platform—boasting over 900 million users—has further solidified its status as a viable space for cryptocurrency activity.
Fraudulent activities on the TON blockchain have surged alongside its growth, particularly since November 2023. The rise in scams is largely fueled by the popularity of mini-apps and games like Notcoin and Hamster Kombat, which attackers exploit to lure unsuspecting users.
Scammers have employed tactics such as offering Toncoin rewards through bots and referral links, creating instructional videos, and distributing text manuals and screenshots to enhance their deception. The Tonkeeper team warned users to remain vigilant, advising that scammers often create tokens before official listings of real coins and recommending that individuals verify token launches through official channels.
Blockchain Fraud Landscape
Despite TON’s burgeoning ecosystem, data from the REKT Database indicates that Ethereum remains the primary target for scammers. Last year, Ethereum faced over $65 million in phishing-related losses—91% of the total recorded losses—while Arbitrum and Bitcoin reported losses of $5.2 million and $768,000, respectively.
In the realm of exploits, Ethereum again topped the list, with losses reaching $482.7 million, while Binance suffered the most from exit scams, totaling $74.5 million.
As scammers turn their attention to the Bitcoin blockchain, CertiK—a leading blockchain security firm—notes that the rising interest is driven by Bitcoin’s high transaction volumes, extensive user base, and significant total value locked (TVL). This shift has led to a noticeable increase in phishing attacks on Bitcoin, highlighted by a recent incident that resulted in a staggering $238 million loss for a Bitcoin whale.
As the landscape of crypto fraud continues to evolve, both users and industry stakeholders must remain vigilant against emerging threats across all platforms.
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