As the partnership between Telegram and The Open Network (TON) blockchain gains popularity, cybercriminals have seized the opportunity to target unsuspecting users with an elaborate cryptocurrency scam. Kaspersky, a leading cybersecurity firm, has revealed details of a widespread scam that has been operating since at least November 2023, exploiting the surge of interest and investments in the native Toncoin (TON) token.

The scammers behind this scheme have been promoting an intricate referral program that ultimately aims to steal TON tokens from victims. According to Kaspersky's experts, potential targets receive links from friends or contacts, inviting them to participate in an "exclusive earning program." These unsolicited messages lure users into joining an unofficial Telegram bot, purportedly designed to store cryptocurrency and link their Web3 wallets to the system.

To add a layer of credibility and instill a false sense of security, the scammers instruct users to purchase Toncoin through legitimate channels, such as the official Telegram bot, peer-to-peer (P2P) markets, or cryptocurrency exchanges. However, this is merely a precursor to the actual scam.

Once users have acquired Toncoin, the scammers coerce them into purchasing "boosters" using a separate bot, claiming that this action is necessary to start earning rewards. It is at this point that the scammers make their move, as victims irrevocably lose control of their cryptocurrency upon purchasing these boosters.

The costs of these boosters, labeled with enticing names like "bike," "car," "train," "plane," or "rocket," range from 5 to 500 Toncoins, translating to losses between $2 and $2,700 for unsuspecting victims.

But the scam doesn't end there. The fraudsters further exploit their victims by touting a referral program, encouraging them to create private Telegram groups with friends and contacts. Victims are provided with a referral link and instructional videos in both Russian and English, promising earnings from two sources: a fixed payment of 25 TON for each invited friend and commissions based on the booster tariffs purchased by their referrals.

Kaspersky's analysts have aptly described this scheme as a "classic pyramid scheme," where each participant is a partner rather than a freeloader. Ultimately, no one profits except the scammers themselves, leaving all "partners" to lose their investments.

As the crypto industry continues to evolve and gain mainstream adoption, cybercriminals are becoming increasingly sophisticated in their attempts to exploit emerging trends and partnerships. The Telegram-TON scam serves as a stark reminder of the importance of remaining vigilant and exercising caution when engaging with unsolicited offers or programs, particularly those involving cryptocurrency transactions.

Cointelegraph has reached out to Kaspersky for additional information regarding the number of affected users and the total amount of funds lost to this scam. The crypto community must remain vigilant and prioritize security measures to protect themselves from such nefarious schemes.