Who Is Scammers Favorite: TON or Bitcoin in Cryptocurrency Scams?

Cryptocurrency Scams Are Shifting Focus: Why TON Is No Longer Targeted

In a surprising turn of events, crypto scammers have decided to steer clear of the TON (The Open Network) blockchain, indicating a potential shift in their tactics. While this may seem like good news for users of the platform, the reality is more complicated.

Experts from Scam Sniffer have reported that the creators of a popular malware tool known as a "drainer," which has been used by scammers to steal digital assets, announced their withdrawal from the TON ecosystem. 

In a message posted on an undisclosed Telegram channel, the drainer developers cited the lack of “crypto whales” in the TON network as their main reason for leaving.

One of the key factors contributing to the absence of crypto whales in TON is the proliferation of airdrops within the network. These airdrops attract users and make it less profitable for scammers to engage in phishing schemes, as the returns from such activities are minimal.

What SlowMist Founder Pointed Out

Yu Xian, the founder of SlowMist, suggests that the assessment of whale activity in TON may need to be re-evaluated. He points out that the drainer team might underestimate the potential of the TON blockchain. While they believe that TON lacks a large player base and is a small community, Yu argues that this view may be too simplistic.

What is Crypto Whales?

“Crypto whales” refer to individuals or entities that hold significant amounts of cryptocurrency. Without these large players, the potential for profit through scams becomes less appealing. 

Where Scammers Are Now Moving To?

The drainer creators are now shifting their focus to the Bitcoin blockchain, which may provide them with more opportunities for fraudulent activities. This change could lead to an increase in scams targeting Bitcoin users, raising concerns about the safety of assets in that ecosystem.

Conclusion

while the exit of scammers from the TON network could be seen as a positive development, the shift of their operations to Bitcoin may raise new challenges for users there. Vigilance will be crucial as scammers adapt to find new opportunities for Cryptocurrency scams.