The Open Network (TON), a rapidly growing blockchain platform, is facing a rising threat from phishing attacks, according to Yu Xian, founder of blockchain security firm SlowMist.

Xian noted the increasing number of phishing links and bots on TON, attributing this to the network's open nature, which makes it an attractive target for scammers. He stated:

“The Telegram ecosystem is too free, and many phishing links (or bot forms) are spread through message groups, airdrops, and other deceptive methods to lure away users’ TON wallets in batches.”

Xian also pointed out that Telegram users with anonymous numbers, often not linked to SIM cards, are at higher risk of phishing attacks. He added:

“If these [anonymous numbers] are phished away, it means that the corresponding Telegram account may also be lost, unless the user has enabled an independent password, i.e., Two-Step Verification.”

Hardware wallet provider Keystone supported Xian’s warning, noting that TON hackers use common phishing methods like zero-amount transfers and airdropping NFTs to their targets' addresses.

Phishing scams pose a significant threat in the crypto space, where attackers impersonate legitimate entities to steal sensitive data and access victims' crypto wallets. A report by Scam Sniffer indicated that Wallet Drainers, a type of phishing malware, are often used on phishing websites to trick users into signing malicious transactions. This year, over $200 million worth of digital assets have been lost to such scams.

TON network growth

Despite these security concerns, TON has experienced substantial growth, with its total value locked (TVL) reaching approximately $649 million, up from $151 million three months ago, according to DeFiLlama data. Tonstat data also shows an increase in monthly active wallets and total accounts, with over 4.8 million monthly active wallets and over 9 million activated wallets, averaging 49,000 new activations daily.

This growth is largely due to TON’s integration with Telegram and the introduction of tap-to-earn games like Notcoin, Hamster Kombat, and Blum, which have significantly boosted TON’s popularity and usage.