Beware Of The Fraudulent Scheme Involving Telegram and Toncoin (TON)

Cybersecurity firm Kaspersky has alerted a cryptocurrency scam targeting Telegram users globally, aiming to steal their Toncoin (TON) amid growing interest in the token. This fraudulent activity, linked to the increased public support of Telegram for The Open Network (TON) blockchain and its native Toncoin token, has been exploiting unsuspecting token holders.

Experts from Kaspersky have reported that the scam has been active since at least November 2023, coinciding with a surge in investments and interest in TON. The perpetrators have crafted an elaborate referral scheme designed to siphon TON tokens from users.

Scammers Coerced Victims To Purchase “Boosters” Using Toncoin

In a sophisticated scam operation, individuals are initially contacted by friends or known contacts with an offer to join an “exclusive earning program.” This scheme involves an unaffiliated Telegram bot that is falsely presented as a secure platform for storing cryptocurrency. Participants are urged to link their Web3 wallets to this system.

The scammers enhance their credibility by advising participants to buy Toncoin through legitimate avenues, such as the official Telegram bot, peer-to-peer (P2P) markets, or recognized cryptocurrency exchanges. This method instills a false sense of security among the users.

The fraud progresses as victims are manipulated into buying “boosters” through a separate bot, purportedly to commence earning. These boosters, which vary in name and cost from “bike” to “rocket,” range in price from 5 to 500 Toncoins, translating to losses between $2 and $2,700, according to security experts from Kaspersky.

The critical point of monetary loss occurs when a booster is purchased, at which time users irrevocably lose control of their cryptocurrency. To compound the deception, the scammers promote a referral program, persuading victims to recruit others by creating private Telegram groups with their contacts. This tactic effectively expands the scam’s reach through a targeted pyramid scheme structure.

Two Types Of Earnings Were Promised To Users

Scammers are circulating a referral link accompanied by video instructions available in Russian and English, requiring users to secure five successful referrals to participate in their earnings scheme. The fraudulent operation promises returns from two sources: a fixed payment of 25 TON for each friend brought into the scheme, and commissions based on the booster tariff their referrals purchase.

Analysts at Kaspersky have identified the scheme as a classic pyramid setup, where each participant acts as a partner in the enterprise, rather than merely benefiting without contribution. However, they noted that in such schemes, typically only the scammers profit while all “partners” ultimately lose their investments.