Warning Issued Regarding Telegram Bot Tokens as Self-Custodial Wallet Launches
Blockchain security firm Certik has raised concerns about Telegram bot tokens following the release of its self-custodial wallet on the TON blockchain. The community is eagerly awaiting the impact this wallet will have on the use of Telegram bots in the industry. Certik issued a warning on social media, urging users to be cautious and not fall for the hype surrounding Telegram bot tokens, as there are fears of rug pull scams. According to Certik’s analysis, 40% of Telegram bot tokens could be involved in such scams. These trading bots, which operate on decentralized exchanges, have gained popularity since July 20, with some tokens experiencing significant gains.
Telegram Introduces Self-Custodial Wallet on TON
In conjunction with this surge in interest, Telegram launched a self-custodial wallet on the TON network on September 13. This move aims to give users more control over their digital assets. It’s worth noting that Telegram did not create this wallet; it was developed by The Open Platform (TOP), a company closely associated with the TON ecosystem. The new wallet, called TON Space, will be available to Telegram users globally starting from November and eliminates the need for wallet registration. However, U.S. residents will not have access to this feature. In addition to the wallet launch, the TON Blockchain now enables the transfer of Tether (USDT) among Telegram users.
Hot Take: Assessing Risks and Opportunities
The release of a self-custodial wallet by Telegram presents both risks and opportunities for crypto users. While it offers greater autonomy over digital assets, there are concerns about potential scams related to Telegram bot tokens. Certik’s warning serves as a reminder to remain vigilant and exercise caution. The popularity of decentralized trading bots has soared, leading to substantial gains for some tokens. However, it’s crucial to conduct thorough research and due diligence before engaging with any Telegram bot tokens. The introduction of the TON Space wallet signifies a significant step towards enhancing user control and convenience within the Telegram ecosystem. As this technology evolves, it will be essential to stay informed about the latest developments and assess the associated risks and opportunities.
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