The launch of the Telegram self-custodial wallet on the TON (Telegram Open Network) blockchain has generated significant interest within the cryptocurrency community. However, this development has also raised concerns regarding the proliferation of Telegram bot tokens, with blockchain security firm Certik issuing a warning about potential rug pull scams associated with these tokens.
Rise in Telegram Bot Token Rug Pulls
On September 13, Certik issued a cautionary message on social media, advising users to exercise caution and resist the hype surrounding Telegram bot tokens. The warning comes in response to concerns that some of these tokens may be involved in exit scams. Certik’s analysis suggests that more than 40% of Telegram bot tokens could potentially be exit scams.
Telegram trading bots are designed to connect to decentralized exchanges and execute trades based on predefined rules, often charging a small fee for their services. These tokens have gained popularity since July 20, experiencing substantial gains, sometimes exceeding 1000%.
Certik’s report notes that the success of Unibot has led to a proliferation of Telegram bot tokens, to the extent that the absence of Telegram integration in certain Web3 projects has raised concerns about their authenticity.
Telegram’s Self-Custodial Wallet Launch
The caution regarding Telegram bot tokens comes as Telegram launched its self-custodial wallet on the TON network on September 13. This move is aimed at giving users more control over their digital assets.
For projects built on the TON blockchain, Telegram’s advertising platform will offer priority access. While this functionality is currently available in user settings, a global release is planned for later in the year. It’s important to note that this feature won’t be accessible to users in the United States.
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Telegram’s History with TON
This isn’t the first time Telegram has been associated with the TON blockchain. In May 2020, Telegram announced that it would no longer be working with TON due to regulatory pressures. A US court had halted TON’s development, leading Telegram founder Pavel Durov to announce the end of their active involvement with the project.
Conclusion
The debut of the Telegram self-custodial wallet on the TON blockchain marks a significant development in the cryptocurrency space. However, the warning issued by Certik regarding Telegram bot tokens serves as a reminder of the need for caution and due diligence in the crypto world. As the crypto landscape continues to evolve, investors and users must stay informed and vigilant to protect themselves from potential risks and scams.
