Telegram Bot Tokens: Potential Exit Scams
Certik, a blockchain security firm, has raised concerns about the possibility of exit scams involving Telegram Bot tokens. In a tweet, Certik stated that their analysis reveals that over 40% of these tokens could be exit scams. These tokens have experienced a significant surge in popularity since July 20, with gains exceeding 1000%. The rise in popularity is attributed to the initial success of UNIBOT, a powerful Telegram bot designed for trading and risk management. On the day of its listing, UNIBOT’s native token saw a price increase of 1,300%.
Telegram offers thousands of bots that provide specific products or services. Some of these bots have their own cryptocurrency tokens. For example, IMGNAI is a Telegram bot token that allows users to generate unique images using artificial intelligence. Users with IMGNAI tokens can enjoy watermark-free images in high-quality 4k resolution. However, there are also Telegram bot tokens without any meaningful use case, appealing primarily to speculative investors.
Currently, CoinMarketCap tracks 67 different Telegram bot tokens with a combined market cap exceeding $96.7 million.
Telegram Launches Self-Custody Wallet Built on Ton
At the Token2049 crypto conference in Singapore, Telegram and the TON Foundation announced the launch of TON Space, a self-custodial wallet. It’s important to note that Telegram did not develop the wallet themselves; it was created by The Open Platform (TOP). TOP consists of a team dedicated to wallet development and TOP Labs, a venture-building division collaborating closely with the TON ecosystem.
TON Space Will be Available Starting November
Starting from November, TON Space will be accessible to Telegram’s global user base without requiring wallet registration. This extends the existing custodial version of the Telegram wallet, which already has three million registered users. However, the self-custodial wallet will not be available in certain jurisdictions, such as the United States, due to regulatory scrutiny and geofencing of crypto apps.
In addition to the wallet launch, Telegram TON Blockchain introduced a new feature enabling users to transfer Tether (USDT). The TON blockchain also recently transitioned into a Swiss non-profit organization.
Hot Take: Beware of Exit Scams in the Telegram Bot Token Market
Certik’s analysis raises concerns about potential exit scams involving Telegram Bot tokens. With over 40% of these tokens possibly being exit scams, investors need to exercise caution. While some tokens have legitimate use cases like IMGNAI for generating unique images, others lack meaningful utility and primarily attract speculative investors. As the market for Telegram bot tokens continues to grow, it’s crucial to conduct thorough research and due diligence before investing. Always be wary of any investment that promises unrealistic gains or lacks transparency. Protect your funds by choosing reputable projects with solid foundations and real-world applications.
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