Telegram’s integration of the TON blockchain and its native Toncoin token has become a magnet for scammers peddling a referral pyramid scheme.
As Telegram publicly endorses The Open Network (TON) blockchain and expresses its intention to incorporate the native Toncoin token, scammers have seized the opportunity to prey on unsuspecting tokenholders.
Kaspersky, a cybersecurity firm, has shared details of a cryptocurrency scam targeting Telegram users worldwide. The scam, operating since at least November 2023, coincides with increased interest and investments in TON.
According to Kaspersky experts, scammers promote an intricate referral scheme aimed at pilfering Toncoin (TON) from users.
Potential victims receive links from friends or contacts inviting them to join an “exclusive earning program.” Subsequently, the scammers prompt victims to join an unofficial Telegram bot purportedly for cryptocurrency storage, instructing them to link their Web3 wallet to the bot’s system.
Simultaneously, the fraudsters direct users to purchase Toncoin through legitimate channels, lending an air of credibility and false security.
Victims are coerced into buying “boosters” using a separate bot, purportedly necessary to initiate earnings. This is where the scammers profit, as users lose control of their cryptocurrency upon booster purchase.
Boosters, labeled as “bike,” “car,” “train,” “plane,” or “rocket,” range from 5 to 500 Toncoins, each with varying costs.
The scheme operates on a tiered commission structure resembling a pyramid scheme. Users incur losses ranging from $2 to $2,700 through the targeted scam. After purchasing fake boosters, victims are encouraged to participate in a referral program, necessitating the creation of private Telegram groups with friends and contacts.
Scammers provide referral links with accompanying video instructions in both Russian and English. Users must secure five successful referrals to earn through the fraudulent scheme.
The scam promises earnings from fixed payments for each invited friend and commissions based on referral booster tariffs. Ultimately, it functions as a classic pyramid scheme, benefiting only the scammers while all participants lose their investments.
Kaspersky is yet to provide details on the number of affected users and total funds lost. Updates will be provided accordingly.
