The post Possibilities Emerge as TON-Based Wallet Drainer Announces Operational Shutdown Citing Lack of Whales appeared on BitcoinEthereumNews.com.

The Open Network (TON) is witnessing a troubling trend as a wallet drainer announces its shutdown due to insufficient high-value users. This development raises concerns about the health and viability of the TON ecosystem, which is evidently attracting unwanted attention from malicious actors. Hackers expressed their dissatisfaction, stating, “Due to TON not having whales and it being a small community, we will close.” The recent shutdown of a TON-based wallet drainer highlights the increasingly precarious state of cryptocurrency security, emphasizing the need for vigilance among investors. TON Wallet Drainer Ceases Operations Amid Lack of Whale Activity A wallet drainer affiliated with The Open Network (TON) has announced its decision to shut down operations, citing the absence of major investors, or “whales,” within the network. This situation is emblematic of the challenges crypto ecosystems face when they fail to attract substantial capital. The drainer’s announcement, made public by the Web3 anti-scam organization Scam Sniffer on October 7, directs users to alternate platforms for similar nefarious activities, specifically targeting Bitcoin (BTC) users for future scams. Rising Interest in TON Ecosystem from Malicious Entities According to Blockaid co-founder Raz Niv, the TON ecosystem has increasingly garnered attention from risky actors since June due to the significant value flowing through its network. Niv has noted a marked uptick in “drainers” eyeing TON as a viable target for their operations. The attractiveness lies in the perceived potential for profit, albeit at the expense of unsuspecting users. One previously identified scheme involved a fraudulent transaction baiting users with a misleading promise of a $5,000 transfer, exploiting the comment feature of TON to obscure its true malicious intent. Phishing: A Growing Threat to Crypto Investors The rise in these scams is not an isolated issue but rather part of a broader trend affecting the cryptocurrency landscape. Recent…

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Filed under: News - @ October 7, 2024 12:28 pm