Alert! Toncoin Scam Mode Targets Telegram Users

Bittime - Crypto users beware! Digital fraudsters are again launching their cunning actions. This time, their target is Toncoin (TON) ownersin the Telegram application. So, how is this Toncoin scam scheme? Keep reading this article, OK!

Since November 2023, Kaspersky, a well-known cybersecurity company, revealed a sophisticated fraud scheme that ensnared Toncoin users around the world. This mode takes advantage of the popularity of Telegram and Toncoin to reap profits by tricking victims.

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The Beginning of the Toncoin Scam Trap

This scam usually starts with a message from a contact on Telegram. The message offers a tempting "exclusive earning program." The victim is then directed to join an unofficial Telegram bot that claims to be a crypto wallet.

Also read: Toncoin (TON) Becomes a Payment Tool on Telegram

To convince victims, the perpetrator even asked them to buy Toncoin from an official exchanger, thereby creating the impression of security. However, the real trap lies in the next step.

Fake Boosters and Ponzi Schemes Under the Guise of Referrals

Victims are lured into profits by purchasing "boosters" using separate bots. These boosters, given humorous names such as “bikes,” “cars,” “trains,” “planes,” or “rockets,” are promoted as tools to increase Toncoin investment returns. The price varies, from 5 to 500 Toncoins.

However, keep in mind, once purchased, the Toncoin is lost forever. In fact, these “boosters” are just a cover to steal the victim's crypto.

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"This booster is advertised by fraudsters as a tool that can generate profits from the coins owned by users," explained Olga Svistunova, Senior Web Content Analyst at Kaspersky. 

Also read: Toncoin (TON) and Athena (ENA) Growth Continues

"This scheme is similar to boosters in online games - by purchasing them, users seem to get additional benefits."

What's worse, this fraud continues with a tiered referral scheme, like a Ponzi scheme. Victims are required to create a private Telegram group, invite friends and acquaintances, then share referral links and video guides. 

The scammers claim users must recruit a minimum of five people to start "making money." Furthermore, they offer a commission for every booster purchase by their referrals. This scheme forms a pyramid, so the fraudster's profits can multiply.

"The referral program is a key component of this scheme," stressed Svistunova. "The more people involved, the higher the fraudster's earnings."

Beware of the Toncoin Scam!

The Toncoin blockchain, which was originally developed by the Durov brothers (founders of Telegram), is now managed by an independent community. However, its association with Telegram, which has 900 million monthly users, makes it a tempting target for fraudsters.

Kaspersky experts urge users to be wary of offers that promise quick profits, even from known sources. Avoid transferring crypto to unknown wallets and use comprehensive security measures to protect your crypto assets.

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Additionally, it is important to always be alert to the latest fraud schemes, especially for those who are unfamiliar with digital technology. By increasing awareness and following best security practices, users can protect themselves from becoming victims of cybercrime.

Cara Beli Crypto di Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the Complete Guide on How to Buy Crypto at Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Telegram Distributes Toncoin (TON) to Channel Owners

Toncoin ($TON) Latest Price Prediction: What Makes It Attractive?

TON Foundation: Toncoin (TON) Soars Thanks to Integration with Telegram

Investors Look at NuggetRush Amid Stagnant Dymension (DYM) and Toncoin (TON) Prices

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.