The Dangers of Telegram Bot Tokens
The recent launch of the Telegram self-custodial wallet on the TON blockchain has raised concerns about the use of Telegram bot tokens. Certik, a blockchain security firm, has issued a warning about the potential risks associated with these tokens. They caution users to exercise caution and avoid falling for the hype surrounding Telegram bot tokens due to concerns about rug pull scams.
Surge in Telegram Bot Token Rug Pulls
Certik’s analysis reveals that over 40% of Telegram bot tokens may potentially be exit scams. These tokens have gained significant popularity since July 20, with gains exceeding 1000%. The surge in popularity is attributed to UNIBOT’s success, which saw its price increase by nearly 1300% on the day of its listing. However, at the time of publication, the current price is $73.
Telegram Launches Self-Custodial Wallet
Telegram recently launched a self-custodial wallet based on the TON network to give users more control over their digital assets. This move comes as Telegram aims to integrate its advertising platform with projects established on the TON blockchain. Priority access will be offered to these projects, with a global release planned for later in the year.
Implications for Telegram Trading Bots
Dealer DeFi highlighted findings from Binance research on Telegram trading bots and emphasized the potential for a significant increase in these numbers with wallet integration. However, it’s important to note that this feature will not be available to users in the United States.
Telegram’s History with TON
This is not the first time that Telegram has collaborated with TON. In May 2020, Telegram announced that it would no longer be working with TON due to regulatory pressures. The involvement with TON was officially halted by a US court decision.
Hot Take: Proceed with Caution when Dealing with Telegram Bot Tokens
As the popularity of Telegram bot tokens continues to rise, it is crucial to exercise caution and be aware of the risks involved. Certik’s warning about potential exit scams should serve as a reminder to thoroughly research and assess any investments in Telegram bot tokens. While the integration of Telegram’s self-custodial wallet may offer more control over digital assets, it is important to remain vigilant and avoid falling for hype or fraudulent schemes.
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