USDT Scams on TON Blockchain Trigger Security Alerts for Exchanges

Hackers exploit the USDT on the TON blockchain recharge system, aiming to defraud crypto exchanges through fake deposits. This malicious activity was detected by the Dilation Effect on-chain monitoring system, which uncovered a suspicious TON address involved in the scam. To combat this threat, exchanges are advised to implement monitoring and verification processes for large deposits of TON chain tokens. Reports indicate that hackers test the system with small amounts before attempting larger transactions. 

‼️ 紧急提醒：有攻击者在大批量尝试TON链USDT假充值，请交易所注意防范

我们的链上监控系统发现，TON链存在恶意地址：EQBPePiHXhg8XzSRe6FWsDS8s2OHLS1Z2GrW2REL56pMTIKA

此地址部署假冒的 USDT 代币合约（Metadata 数据与 官方 USDT 一样），往各大交易所进行假充值测试。 pic.twitter.com/j6sVUmdvzf

— Dilation Effect 膨胀效应 (@dilationeffect) June 21, 2024

The Dilation Effect system plays a crucial role in detecting such activities, allowing exchanges to take preventive measures before the issue escalates. Discovering a malicious TON address underscores the importance of continuous monitoring and advanced security protocols to safeguard digital assets.

Impact on Crypto Exchanges

This scam activity has emerged amid Binance, the world’s largest cryptocurrency exchange, recently integrating USDT on the TON blockchain for deposits and withdrawals. The timing of this scam raises concerns about the security of TON transactions, especially since many exchanges have only recently started supporting USDT deposits on this blockchain. 

Hackers are reportedly testing the system with small deposits before attempting larger transactions. This behavior indicates they are probing the system for vulnerabilities and weaknesses in exchange deposit protocols. 

Significant Growth of USDT on TON Blockchain

The issuance of USDT on TON was announced in April this year. Since then, USDT’s presence on the TON blockchain has grown significantly, reaching almost $600 million in value. This growth positions TON as the sixth-largest blockchain by USDT volume, following TRON, Ethereum, and Solana, which hold the top three positions. The recent announcement from Binance about integrating Tether (USDT) on the Toncoin (TON) network highlights the increasing importance of TON in the cryptocurrency market. 

On April 19, Tether CEO Paolo Ardoino and Telegram CEO Pavel Durov issued a joint statement at the TOKEN2049 conference, announcing the issuance of USDT on TON. Since this announcement, the value of USDT on the TON blockchain has exceeded $580 million. This rapid growth reflects the increasing adoption of TON for USDT transactions and underscores its potential in the crypto market.

Current Market Performance of Toncoin (TON)

Toncoin (TON) is currently $7.12, with a 24-hour trading volume of $334,223,376.55. This represents a 0.30% price increase in the last 24 hours but an 11.64% price decline over the past seven days. With a circulating supply of 2.5 billion TON, Toncoin is valued at a market cap of $17,569,391,576. Despite the recent price decline, TON’s integration with USDT and growing market presence highlight its potential and significance in cryptocurrency.

Toncoin (TON) has underperformed in the last seven days, with a price decline of 11.80%. This is in contrast to the global cryptocurrency market, which is down 3.10%, and the GMCI 30 Index cryptocurrencies, which have remained stable. The ongoing integration of USDT on the TON blockchain indicates a growing role for Toncoin in the broader crypto market.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.