A wallet-draining service operating on The Open Network (TON) has ceased its operations, citing a lack of high-value users in the community. The drainer announced its closure on October 7, 2024, and is now redirecting its efforts towards more lucrative targets in the Bitcoin ecosystem.
Key Takeaways
- The wallet drainer on TON has shut down due to a small user base.
- The service is now focusing on Bitcoin, which is perceived as more profitable.
- Increased phishing scams have led to significant losses in the crypto space.
Closure Announcement
The wallet drainer, which had been targeting TON users, made its intentions clear through a message shared by Scam Sniffer, a crypto anti-scam solution. The drainer stated that the limited number of "whales"—high-value users—within the TON community made it unviable for their operations. They encouraged their followers to switch to a Bitcoin-draining service instead, suggesting that those who enjoyed draining assets on TON would find Bitcoin to be a more rewarding venture.
Rise in Scams
The closure of the TON wallet drainer comes amid a surge in interest from malicious actors in the TON ecosystem. Raz Niv, co-founder of Blockaid, noted that the increasing Total Value Locked (TVL) in TON has attracted more scammers. As of July, TON's TVL reached approximately $608.65 million, largely due to its integration with the messaging app Telegram.
However, this rise in activity has also made the network a target for bad actors. One notable scam involved a fake transaction promising $5,000 USDT, which lured users into authorizing transactions that drained their wallets. This tactic resulted in the loss of over 22,000 Toncoin tokens, valued at more than $150,000.
Phishing Scams on the Rise
The crypto space has been grappling with a significant increase in phishing scams. In September alone, over 10,800 victims lost approximately $46 million to these attacks. Scam Sniffer reported that the total losses from phishing scams reached $127 million, with an average of 11,000 victims each month.
One major phishing incident resulted in the loss of over $32 million in crypto, highlighting the growing threat posed by such scams. These attacks often deceive users into connecting their wallets to fraudulent services, allowing hackers to withdraw funds without additional verification.
Conclusion
The shutdown of the TON wallet drainer serves as a stark reminder of the vulnerabilities present in the crypto ecosystem. As malicious actors continue to exploit these weaknesses, users must remain vigilant and adopt best practices to protect their assets. The shift in focus from TON to Bitcoin by the drainer underscores the ongoing evolution of scams in the digital asset space, as fraudsters seek out the most lucrative opportunities.
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