As Telegram-Thon partnership grabs headlines, scammers look to Toncoin.

Telegram's public support for the Open Network (TON) blockchain and its intention to include the native Toncoin token has targeted unsuspecting token holders for fraudsters to exploit.

Information shared with Cointelegraph from cybersecurity firm Kaspersky details a cryptocurrency scam that has been attempting to steal tons of Tokens from Telegram users around the world.

According to Kaspersky experts, the scam has been operating since at least November 2023, with increasing interest and investments in tons. Scammers have been promoting an elaborate referral scheme that aims to eventually steal Ton Tokens from users.

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Potential targets receive a link from friends or contacts to participate in a “special income program”. The scammers begin by prompting victims to join the unofficial Telegram bot, which is designed to store cryptographic information and connect their Web3 wallet to the bot system.

At the same time, the fraudsters teach users to buy Toncoin through official Telegram bots, peer-to-peer (P2P) markets, or cryptocurrency exchanges, which adds credibility and a false sense of security.

Victims are then forced to buy “incentives” using a separate bot. The scammers claim that users must complete this task to start earning.

This is the point where scammers make their money. After purchasing a booster, the user irrevocably loses control of their encryption.

Kaspersky experts explain that the cost of “enhancers” – by the fraudsters such as “bicycle”, “car”, “train”, “plane” or “rocket” – varies from 5 to 500 tons of coins.

Users lose between $2 and $2,700 in a targeted pyramid scheme. After convincing users to buy fake incentives, the scammers also describe a referral program that asks victims to create private Telegram groups with friends and contacts.

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The scammers provide users with a referral link that comes with its own video instructions in Russian and English. Users are required to have five successful referrals to start earning through the scam.

The scammers promise to earn from two sources, a fixed fee of 25 tons for each friend you invite and additional tariffs based on the purchase of your referrals.

“It turns out to be a classic pyramid scheme where every participant is a partner, not a freeloader. Unfortunately, no one will profit except the fraudsters, and all “partners” will lose their investment, Kaspersky analysts explain.

Cointelegraph has requested more information from Kaspersky regarding the number of affected users and the total amount of money lost. This article will be updated accordingly.

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