Crypto scammers known for using wallet drainers are abandoning the Toncoin (TON) blockchain in search of new opportunities as the network is no longer conducive to their schemes.

Wallet drainers are malicious tools that allow exploiters to steal cryptocurrency. Scammers often lure investors into these traps using phishing links, tricking them into giving up access to their assets.

Scammers abandon Toncoin due to shortage of whales

Scam Sniffer, which helps users and developers avoid phishing sites and wallet drainers, has highlighted a TON drainer shutting down its services. The exit notice, posted on Reddit, cited the shortage of Toncoin whales as the reason for the shutdown.

As the TON wallet drainer exits the Toncoin ecosystem, it is targeting the Bitcoin blockchain, which is expected to offer a more meaningful avenue for withdrawals.

Read more: Bitcoin Price Prediction 2024/2025/2030

In fact, scammers’ interest in the TON blockchain came amid the network’s surge in value. At the height of the frenzy, airdrops of Click2play or Tap2Play games helped fuel the surge in value. These included Notcoin and Hamster Kombat, which targeted active addresses daily.

The bad actors then took advantage of Toncoin’s comment feature to lure their potential victims in. Clicking the button would execute the transaction.

TON wallet drainer to be shut down. Source: Scam Sniffer

Specifically, the transfers contained a personalized message for the recipient at the signing stage in their wallets. Scam Sniffer reported how this tactic caused losses of 22,000 TON (or $152,000 at the time) in May.

“As TON gains popularity, phishing scams are on the rise. Scam Sniffer has detected an increase in TON-related phishing sites over the past month. Don’t trust blindly; verify! Using our extension or API? We are actively protecting you from these threats,” the platform warned.

Interest in TON has grown as phishing on Ethereum has become more challenging due to advanced security tools that effectively detect malicious links and requests. Now, with fewer opportunities on TON, scammers are moving on, seeking more vulnerable targets as the network dries up for fraudulent activity.

Why is the TON blockchain obsolete?

The scarcity of whales on the TON blockchain stems from two main factors. First, TON’s tokenomics are highly controversial, discouraging large-scale investments.

The lack of transparency in token allocation and distribution raised concerns about the fairness and legitimacy of the project, especially after the ICO. This controversy intensified after the concentration of wealth among early investors, ultimately leading to Telegram shutting down the project after a protracted legal battle with the US SEC.

Secondly, the abundance of crypto airdrops on the Toncoin blockchain makes it difficult for scammers to make significant gains. Thus, with the majority of users being airdrop farmers, phishing scams on TON offer limited rewards, reducing the appeal for fraudsters.

As reported by BeInCrypto, the Toncoin blockchain led Layer-1 transactions in September, driven by Telegram-based games and projects. Among these, the big successes were Hamster Kombat, Catizen, and DOGS. Their games, rewards, and token generation events (TGE), including airdrops, accelerated TON’s growth to millions of active users.

A recent report from Bitget corroborates this postulation. It said traffic from popular TON projects like Notcoin, DOGS, and Hamster Kombat were key, with regions like Russia and India leading the adoption.

The article Crypto scammers abandon Toncoin (TON) blockchain appeared first on BeInCrypto Brazil.