Scammers are taking advantage of the surging popularity of Telegram and its associated cryptocurrency, Toncoin (TON), to carry out a highly scalable scheme aimed at stealing digital tokens from unsuspecting individuals. Researchers at Kaspersky have uncovered this operation, which has been active since November 2023, and have issued a warning about its increasing threat level.
Individuals are drawn into the scheme through an invitation to participate in an “exclusive earning program” sent by a contact in their network. This invitation directs them to an unofficial Telegram bot, falsely presented as a cryptocurrency storage solution. Subsequently, the victims are guided to connect this bot to a legitimate wallet and to purchase Toncoins through official channels like the official Telegram bot or cryptocurrency exchanges.
Once the victims are deceived into buying the coins, scammers prompt them to acquire ‘boosters’ through a separate bot, claiming that this step is necessary to begin earning. These ‘boosters’, resembling those found in online games, are deceptively advertised as tools that enable users to maximize their coin investments. Olga Svistunova, Senior Web Content Analyst at Kaspersky, likens this scheme to boosters in online games, where users gain additional advantages upon purchase. However, the acquisition of these ‘boosters’ leads to irreversible loss of cryptocurrency for the victims.
After purchasing the fraudulent ‘boosters’, users are coerced into promoting the scheme. They are incentivized to establish a private Telegram group with their contacts, share a specially generated referral link, and a video outlining the earning process. The scammers stipulate that a minimum of five individuals must join the private group using the referral link before a victim can commence earning. Furthermore, participants are assured payment for each friend they invite and are promised a commission from every deceptive ‘booster’ purchased by their referrals.
Highlighting the potential magnitude of the scam, the Telegram Open Network (TON) was created by the Durov brothers and now enjoys support from an independent community. With Telegram boasting 900 million monthly users and ranking as the 6th most utilized and downloaded app globally, the extensive user base significantly expands the pool of potential victims and amplifies the scheme’s impact.
Kaspersky experts emphasize the importance of exercising caution when presented with promises of quick wealth, even if they originate from familiar contacts. It is advised to refrain from transferring cryptocurrency to unfamiliar or suspicious wallets and to consider robust protection for digital assets, such as Kaspersky Premium, which provides alerts for dubious websites and safeguards wallets against scammers, miners, and other threats. Remaining informed and up-to-date on the latest fraudulent schemes is also crucial for effective protection.