Wallet drainer exits TON due to lack of ‘whales’, shifts focus to Bitcoin targets Wallet drainer exits TON due to lack of ‘whales’, shifts focus to Bitcoin targets
Malicious actors are increasingly targeting Bitcoin users for their illicit activities.
2 min read
Updated: Oct. 7, 2024 at 1:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Blockchain security platform Scam Sniffer has reported the shutdown of a wallet drainer operating on The Open Network (TON) blockchain, citing the absence of large-scale participants, also known as “whales.”
In an Oct. 7 screenshot shared by Scam Sniffer, the wallet drainer revealed it was ending its operations because TON “does not have whales and remains a small community.”
SlowMist founder Yu Xian reacted to the news, suggesting the drainer’s assessment might be flawed or overly simplistic. He remarked:
“Too realistic. Or maybe this gang isn’t smart enough.”
Xian’s remark hints that the drainer team may have misunderstood or underestimated the potential of the TON blockchain.
TON phishing
The TON blockchain has been one of 2024’s major success stories. The network’s native token value has surged by more than 100% on the year-to-date metrics, pushing it into the top 10 digital assets by market capitalization.
The network’s success can be attributed to the popularity of games like Hamster Kombat, which have boosted the platform’s usage.
In addition, the network’s integration with the social messaging application Telegram, which has more than 900 million users, further positions TON as a potential driver of mass crypto adoption.
However, earlier this year, reports revealed that TON had become a growing target for phishing attacks.
Interestingly, security firm BlockAid pointed out that attackers have employed multi-chain drainer kits previously used on Ethereum and Solana. Over 300 malicious decentralized apps (dApps) were launched on TON in September alone, highlighting the escalating threats.
Target Bitcoin users
Meanwhile, the unnamed wallet drainer urged users to shift their attention to Bitcoin, the flagship digital asset. In the message, the hackers stated that those who enjoyed draining on TON would also find targeting Bitcoin appealing.
CertiK, another prominent blockchain security company, recently emphasized that malicious actors are increasingly drawn to Bitcoin due to its high transaction volumes, large user base, and substantial total value locked (TVL).
Phishingย attacks on Bitcoin holders have risen sharply in the past few months. One of the most notable incidents involved a $238 million attack on a Bitcoin whale, further underscoring the mounting risks in the space.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Telegram Open Network
Launched in 2018, this cryptocurrency is based on multi-blockchain Proof-of-Stake system – TON (Telegram Open Network, after 2021 The Open Network) – designed to host a new generation of cryptocurrencies and decentralized applications.
Telegram
Telegram is a cloud-based instant messaging service that emphasizes speed, security, and user privacy.
CertiK
Founded in 2018 by professors of Yale University and Columbia University, CertiK is a pioneer in blockchain security, utilizing best-in-class AI technology to secure and monitor blockchain protocols and smart contracts.