The Open Network (TON) blockchain, a hot topic in the crypto town, has recently seen a considerable spike in vulnerabilities across its ecosystem. In a post on X today, June 24, SlowMist, a blockchain security firm, spotlighted rising phishing attacks across the TON blockchain. This has fueled severe investor concerns surrounding the L1 network’s potential for offering user security, a much-needed aspect in today’s crypto space.
SlowMist Spotlights Rising Security Breaches on ‘The Open Network’
According to SlowMist’s founder, ‘evilcos’ on X, the TON ecosystem is under a constant barrage of phishing activities. The founder adds, “The Telegram ecosystem is too free, and many phishing links (or bot forms) are spread through message groups, airdrops, and other deceptive methods to lure away users’ TON wallets.”
These attacks threaten users’ funds and NFTs while exploiting their Anonymous Telegram Numbers, a number used to create Telegram accounts. A user’s corresponding Telegram account is also at risk if this data is stolen. However, if turned on, a two-step verification might prevent this from happening.
Nonetheless, with security breaches rising on the network, chances of a potential loss in user appeal looms. This could also present a hurdle for TON, the native token of the TON blockchain.
Notably, the TON network recently gained significant attention with its integration of USDT, although it now faces a blow to its reputation. The recent upswing in user threats across the ecosystem is a substantial setback for the L1, raising questions about the network’s security and reliability.
Also Read: Crypto Market Selloff: Here’s Why Bitcoin, Ethereum, XRP, SHIB Are Falling Today
TON Price Plunges
Meanwhile, while writing, the TON price illustrated a 4.71% dip in value to trade at $7.23. The token’s 24-hour lows and highs were $7.20 and $7.72, respectively.
Intriguingly, the slumping momentum falls in line with the broader market’s movement. However, further dips might be expected if the network does nothing to elude these attacks.
Earlier today, the MakerDAO (MKR) price fell more than 5% as an address related to the MakerDAO governance delegate got phished for nearly $9 million MKR. Regarding this, threats to user security within an ecosystem could prove bearish if not addressed, posing a risk to TON price.
Also Read: This Crypto Trader Made $1.69 Million With $3,300 In 15 Days; Insider Job?
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