A sophisticated scam targeting Toncoin (TON) users on Telegram has been operating since at least November 2023,Kaspersky researchers have revealed. The scheme, which has ensnared victims worldwide, exploits the growing popularity of both TON and Telegram, posing a significant risk to cryptocurrency holders.
The scam begins when potential victims receive a link to an “exclusive earning program” from someone in their contact list. They are then instructed to join an unofficial Telegram bot, purportedly designed for cryptocurrency storage, and to link it to a legitimate wallet. Victims are also told to purchase Toncoins through legitimate channels, creating a false sense of security.
The scam’s core involves the purchase of so-called “boosters” using a separate bot. These boosters, labeled as “bike,” “car,” “train,” “plane,” or “rocket,” are falsely advertised as tools for earning returns on Toncoin investments. Prices range from 5 to 500 Toncoins, depending on the chosen tariff. However, once purchased, the cryptocurrency is lost irrevocably.
“The ‘boosters’ are advertised by scammers as tools that somehow allow users to earn on their coins,” explains Olga Svistunova, Senior Web Content Analyst at Kaspersky. “This scheme resembles boosters in online games – by purchasing one, the user gains additional advantages.”
The scam then escalates through a referral scheme. Victims are instructed to create a private Telegram group, invite friends and acquaintances, and share a referral link and instructional video. Scammers claim users must recruit at least five people to start earning, and offer commissions for each booster purchased by referrals. This creates a pyramid-like structure, maximizing the scammers’ potential profits.
“The referral program is a key component of the scheme,” elaborates Svistunova. “The more people involved, the higher the scammers’ earnings.”
The Toncoin blockchain, originally developed by the Durov brothers, is now supported by an independent community. Its association with Telegram, which boasts 900 million monthly users, makes it a prime target for fraud.
Kaspersky experts urge caution regarding any offers promising quick enrichment, even from trusted sources. Users are advised to avoid transferring cryptocurrency to unknown wallets, and to utilize comprehensive security measures for their crypto assets.
They added that staying informed about the latest scams is crucial, especially for those less familiar with digital technology. By raising awareness and following security best practices, users can better protect themselves from falling victim to these malicious schemes.
