Telegram’s Controversial Self-Custodial Wallet
Telegram recently introduced its self-custodial wallet on the TON blockchain, but this move has sparked some controversy in the crypto community. Following the release, CertiK, a well-known blockchain security firm, issued a warning about the use of Telegram bot tokens.
CertiK’s Warning
On September 13th, CertiK took to social media to caution cryptocurrency enthusiasts about dealing with Telegram bot tokens. Their report revealed that over 40% of these tokens could potentially be exit scams. This warning comes at a time when excitement is growing around Telegram’s new self-custodial wallet.
The popularity of Telegram bot tokens has been on the rise since July 20th, with gains exceeding 1,000%. The success of UNIBOT has contributed to this surge. On its listing day, UNIBOT’s price skyrocketed by almost 1,300%, reaching an all-time high of $90.
Telegram’s Feature-Rich Wallet
Telegram’s self-custodial wallet on the TON network has garnered significant attention. It offers a user-friendly interface and various features. Users can easily top up their wallets with a bank card, select their preferred currency, and effortlessly buy and trade cryptocurrencies.
The wallet is powered by the TON blockchain, which is known for fast transactions and support for decentralized applications (dApps). One notable feature is TON Space, where users can send and receive crypto, manage Telegram usernames, and perform DNS-related tasks. The wallet also includes a P2P market for trading between crypto and fiat currencies.
Promoting Web3 Adoption
By integrating this wallet, the TON Foundation aims to onboard around 30% of active users onto the TON blockchain within the next 3-5 years. This initiative aligns with TON’s broader vision of promoting the widespread adoption of Web3 technology.
Hot Take: Proceed with Caution
While Telegram’s self-custodial wallet has exciting features, CertiK’s warning about Telegram bot tokens highlights the need for caution. With a significant portion of these tokens potentially being exit scams, it’s crucial to thoroughly research and exercise due diligence before engaging with them. As always, it’s important to stay vigilant in the crypto space and prioritize security when dealing with new platforms and tokens.
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