A TON-based wallet drainer has announced it is shutting down its operations due to the lack of large crypto investors—referred to as “whales”—on the The Open Network (TON) blockchain. In an unexpected turn of events on October 7, the hacker-operated service revealed its plans to stop draining wallets on TON and encouraged its users to try their hand at draining Bitcoin instead.
The Drainer’s Shutdown Announcement
The wallet drainer, which was active on the TON blockchain, issued a statement saying it was closing its operations because the TON community did not have enough “whales”—large holders of cryptocurrency—making it a less profitable venture. The announcement, shared by Scam Sniffer, an anti-scam Web3 solution, read:
“Due to TON not having whales and it being a small community, we will close.”
In a bizarre twist, the wallet drainer directed its users to a different crypto-draining service targeting Bitcoin (BTC). The message continued:
“If you enjoyed draining on TON, you will love draining BTC.”
This move signals a shift from draining on TON to targeting Bitcoin, which still attracts significant trading volumes and a larger pool of whale investors.
Drainers Eyeing the TON Ecosystem
The TON blockchain has been gaining attention from cybercriminals looking to exploit its ecosystem. According to Raz Niv, co-founder of Blockaid, a Web3 security firm, more wallet drainers had been gravitating toward TON due to the increasing value flowing through the network. In a previous interview, Niv mentioned:
“We’re seeing a lot of drainers become more and more interested in the TON ecosystem because there is so much value streamed through TON.”
This is a worrying trend for the TON community, especially given that scams and phishing attacks have become more sophisticated, with malicious actors targeting unsuspecting users. Scam Sniffer had previously reported on a TON-based scam that involved baiting users with a fake 5,000 USDT transaction, which was used to trick people into signing fraudulent transactions that drained their wallets.
The Fake USDT Scam on TON
The scam, which used the TON blockchain’s comment feature—a feature allowing transaction signatures to include custom messages—exploited this functionality to make the malicious transaction appear legitimate. Users were shown a message such as “Receive 5,000 USDT” and presented with a “Confirm” button, leading them to sign the transaction and unwittingly authorize the drain.
At the time, the scam had already drained 22,000 Toncoin tokens, worth over $150,000. The continued rise in draining scams has prompted experts to advise users to be extra cautious when interacting with transactions on TON and other platforms.
Phishing Attacks Drain Millions
Scam Sniffer’s recent data highlights a growing issue across the cryptocurrency space: phishing attacks. In September 2023, phishing scams drained $46 million in digital assets, affecting over 10,800 victims. A particularly devastating phishing attack accounted for more than $32 million of the total losses. Phishing attacks often work by tricking crypto holders into linking their wallets to fraudulent services, allowing the scammers to withdraw funds without additional authentication.
These figures are concerning, as phishing and wallet draining scams continue to pose a significant threat to the security of crypto users. As more criminals shift to targeting high-value networks, both users and developers must remain vigilant to avoid falling victim to these types of attacks.
Conclusion: A Changing Crypto Threat Landscape
The shutdown of the TON-based wallet drainer highlights the shifting focus of cybercriminals as they adapt to different blockchain ecosystems. While TON’s relatively smaller community may have made it less attractive for some, the increasing value flowing through its network means that it is still a target for sophisticated scams. As the drainer service shifts to Bitcoin, it’s clear that the focus on large-cap networks remains high.
Crypto holders need to be extra cautious about phishing and wallet draining tactics, especially as scammers continue to adapt their methods to exploit vulnerabilities in various blockchain ecosystems. The rise of scams in the TON space is a cautionary tale for users of smaller blockchains, while phishing attacks across all networks show the importance of strong security practices in safeguarding digital assets.
