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Controversy Over Telegram’s Launch of New Wallet on TON Blockchain

Telegram introduces self-custodial wallet on TON blockchain, while Certik warns of potential exit scams with Telegram bot tokens amid surging popularity.

Key Points

  • Telegram launches self-custodial wallet on TON blockchain, sparking mixed reactions.
  • Certik, a blockchain security firm, warns of potential exit scams with Telegram bot tokens, revealing over 40% may be fraudulent.
  • Telegram bot tokens gain over 1,000% since July 20, led by UNIBOT’s surge, but currently sees a decline from its peak.
  • Telegram’s self-custodial wallet offers user-friendly features, integrates TON blockchain, and aims to bring 30% of users onto the TON network in 3-5 years.

Telegram recently introduced its self-custodial wallet on The Open Network (TON) blockchain, a move that has generated mixed responses.

However, renowned blockchain security firm Certik has issued a cautionary message regarding the use of Telegram bot tokens.

Certik Releases Statement

Certik released a statement on social media, urging cryptocurrency enthusiasts to exercise caution when dealing with Telegram bot tokens.

Their report revealed concerning findings, stating that over 40% of these tokens could potentially be exit scams.

This warning comes at a time of growing excitement in the crypto space surrounding Telegram’s new self-custodial wallet.

The popularity of Telegram bot tokens has soared since July 20, with gains exceeding 1,000%.

Certik attributes the surge to the initial success of UNIBOT, which saw its price surge by nearly 1,300% to reach an all-time high of $90 on its listing day. However, UNIBOT’s current price stands at $76, suggesting a decline from its peak.

Telegram’s User-Friendly and Feature-Rich Self-Custodial Wallet

Telegram’s self-custodial wallet on the TON network has captured significant attention. Offering a user-friendly interface and additional features, the wallet has garnered interest from the crypto community.

Key features of the wallet include easy top-up with a bank card, preferred currency selection, and seamless cryptocurrency buying and trading.

Built on the TON blockchain, known for its fast transactions and support for decentralized applications (dApps), the wallet ensures a smooth user experience.

Concluding Thoughts

One standout feature is TON Space, which allows users to send and receive crypto, manage Telegram usernames, and handle DNS-related tasks.

Additionally, the wallet includes a P2P market for convenient trading between cryptocurrencies and fiat currencies.

The TON Foundation aims to bring approximately 30% of active users onto the TON blockchain in the next 3-5 years by integrating this wallet.

This endeavor aligns with TON’s broader vision of promoting the widespread adoption of Web3 technology.