TL;DR

A wallet drainer from The Open Network (TON) is shutting down operations due to a lack of large investors and is redirecting its focus to Bitcoin theft.
The hackers argue that the small community of The Open Network is not viable for their operations, suggesting users enjoy theft on Bitcoin.
Scam Sniffer reports that in September, 10,800 people fell victim to phishing attacks, resulting in losses of $46.6 million in digital assets.

A wallet drainer based on The Open Network (TON) has announced its closure due to a shortage of large investors in the network. The announcement, shared by Scam Sniffer, a Web3 scam prevention service, reveals that the operators of this tool have decided to redirect their efforts toward stealing Bitcoin instead of continuing on TON.

In their message, the hackers explained that the lack of whales in the TON community made their business model difficult. They argued that their decision to shut down the service was because the community is too small and, therefore, not viable for their operations. Instead of continuing on TON, they urged users to explore ‘draining’ opportunities in Bitcoin, suggesting they would enjoy the experience of ‘operating’ around the cryptocurrency.

A Ton wallet drainer is shutting down its services. pic.twitter.com/g7BXivsLym

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) October 7, 2024

The hackers’ interest in the TON ecosystem gained significant traction in mid-year when they began to notice a considerable flow of value within the network. However, scams on TON have taken various forms. For example, there was a case where a drainer used a fake transaction message for 5,000 USDT to lure unsuspecting users.

TON Becomes Less Attractive to Hackers

This type of scam, which employs the network’s comment feature, makes transactions appear legitimate by including messages indicating that the user will receive a significant amount of funds. Once the user signs the transaction, the token theft commences.

Phishing tactics continue to be a major concern in the crypto industry. Scam Sniffer revealed that approximately 10,800 people were victims of phishing attacks in September, resulting in losses amounting to $46.6 million in digital assets. Most of these losses are attributed to a single phishing transaction that stole over $32 million.

Scams in the crypto market are becoming increasingly sophisticated; it is vital for users to remain alert and verify the legitimacy of transactions before signing them. It is imperative to advocate for greater education and awareness regarding security

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Filed under: News - @ October 7, 2024 2:29 pm