Telegram recently released its self-custodial wallet on The Open Network (TON) blockchain. However, this development has sparked controversy.

Following the launch, CertiK, a reputable blockchain security firm, issued a warning about the use of Telegram bot tokens.

Certik’s Cautionary Message

On Sept. 13, Certik released a cautionary message on social media, advising cryptocurrency enthusiasts to exercise caution when dealing with Telegram bot tokens.

Certik’s report highlighted alarming findings. “Our analysis reveals that more than 40% of Telegram bot tokens may potentially be exit scams,” they cautioned. This warning comes amid growing excitement in the crypto space regarding the potential of Telegram’s new self-custodial wallet.

These tokens, which connect to decentralized exchanges and execute transactions based on predefined rules, have grown in popularity since July 20, with gains exceeding 1,000%. Certik attributes the rise of Telegram bot tokens to the initial success of UNIBOT.

On the day of its listing, UNIBOT’s price skyrocketed by nearly 1,300%, reaching an all-time high of $90. The token’s price currently stands at $76, according to CoinGecko data. UNIBOT’s impressive performance has increased the overall interest and demand for such assets.

Telegram’s Self-Custodial Wallet

Telegram’s recent launch of a self-custodial wallet on the TON network has attracted considerable attention. The wallet offers a user-friendly interface and additional features.

The features include easy top-up with a bank card, preferred currency selection, and effortless cryptocurrency buying and trading. Powered by the TON blockchain, known for fast transactions and support for decentralized applications (dApps), the wallet guarantees a seamless user experience.

One of the standout features is TON Space, which allows users to send and receive crypto, manage Telegram usernames, and handle DNS-related tasks. Additionally, the wallet includes a P2P market for easy trading between crypto and fiat currencies.

By integrating this wallet, the TON Foundation aims to bring around 30% of active users onto the TON blockchain in the next 3-5 years. This initiative supports TON’s broader vision of promoting the widespread adoption of Web3 technology.

The post Telegram’s New Wallet Launch on TON Blockchain Sparks Controversy appeared first on CryptoPotato.

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Filed under: Bitcoin - @ September 14, 2023 10:46 pm