Crypto Scammers Abandon TON Blockchain Amid Whale Shortage, Shifting Focus to Bitcoin

Crypto Scammers Exit TON Blockchain: What’s Behind the Shift?

Crypto scammers are increasingly abandoning the TON blockchain as they search for new opportunities, signaling a significant shift in the landscape of digital fraud.

Known for their use of wallet drainers—malicious tools designed to steal cryptocurrency—these scammers once thrived on the network.

However, as the TON ecosystem evolves, it has become less conducive to their schemes.

The Rise and Fall of Wallet Drainers on TON

Scam Sniffer, a platform dedicated to helping users avoid phishing sites and wallet drainers, recently noted the closure of a prominent TON wallet drainer.

The announcement, shared on Reddit, cited the “shortage of whales on TON” as the primary reason for ceasing operations.

Without a robust presence of high-value investors, the pool of potential victims for scammers has diminished, leading them to seek greener pastures.

With their gaze now fixed on the Bitcoin blockchain, these scammers are expected to find more substantial avenues for their illicit activities.

This pivot highlights a broader trend: as the TON blockchain gained traction and value, the tactics employed by bad actors adapted in response to shifting opportunities.

How Wallet Drainers Lured Victims in TON’s Boom

During its peak, the TON blockchain experienced an influx of interest driven by the rise of clicker or tap-to-earn games featuring lucrative airdrops.

Games like Notcoin and Hamster Kombat played a crucial role in attracting daily active addresses, creating a fertile ground for scams.

Bad actors exploited the platform’s comment feature to lure unsuspecting users.

As Scam Sniffer reported,

“clicking the button would execute the transaction.”

These transactions often contained deceptive messages crafted to ensnare the recipient at the signing stage in their wallets.

Such tactics led to substantial losses, with reports indicating a staggering 22,000 TON (equivalent to $152,000 at the time) stolen in May 2024 alone.

Phishing Scams Surge with TON’s Popularity

The increasing popularity of the TON blockchain has correlated with a rise in phishing scams.

Scam Sniffer has observed a notable uptick in TON-related phishing sites over the past month.

Their warning resonates:

“As TON gains popularity, phishing scams are on the rise. Don’t just trust; verify! Using our extension or API? We’re actively guarding you against these threats.”

As the Ethereum network implemented more sophisticated security measures, detecting malicious links and requests became easier, driving scammers toward TON as a seemingly ripe target.

Now, with opportunities dwindling on this front, the bad actors are shifting focus to more vulnerable platforms.

Understanding the Whale Shortage on TON

The decline in whale activity within the TON blockchain stems from two primary issues.

First, controversial tokenomics have deterred large-scale investments.

Concerns about fairness and transparency regarding token allocation and distribution arose, especially after the initial coin offering (ICO).

This skepticism deepened following a concentration of wealth among early investors, which culminated in Telegram's decision to shut down the project after a lengthy legal battle with the U.S. SEC.

Secondly, the proliferation of crypto airdrops on the TON blockchain has made it increasingly challenging for scammers to achieve substantial gains.

As most users engage primarily in airdrop farming, the limited rewards available from phishing scams diminish their appeal.

Emerging Trends in TON’s Ecosystem

In September 2024, the TON blockchain led Layer-1 transactions, fueled by the popularity of Telegram-based games and projects.

Notable titles such as Hamster Kombat, Catizen, and DOGS drove engagement and growth, enabling the network to reach millions of active users.

A recent report from Bitget confirms that traffic from successful TON projects like Notcoin, DOGS, and Hamster Kombat has been instrumental in this surge, particularly in regions like Russia and India, where adoption is skyrocketing.

This rapid expansion illustrates how the TON blockchain is evolving, reshaping the dynamics of its ecosystem, and compelling scammers to reconsider their strategies as they seek more vulnerable targets elsewhere.