Controversy Surrounds Telegram’s TON Blockchain Wallet Launch

Controversy Surrounds Telegram's TON Blockchain Wallet Launch

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 cryptocurrency community. After the  release, CertiK, a trending blockchain security firm, announced a warning about the use of Telegram bot tokens.

CertiK’s Warning

On September 13th, CertiK took to social media to caution digital currency 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 record-breaking peak of $90.

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Telegram’s Feature-Rich Wallet

Telegram’s self-custodial wallet on the TON network has garnered whole lot of attention. It offers a user-friendly interface and numerous 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 well-known for fast transactions and support for decentralized applications (dApps). One notable feature is TON Space, where users can send and receive cryptocurrency, manage Telegram usernames, and perform DNS-related tasks. The wallet likewise includes a P2P market for trading between cryptocurrency and fiat currencies.

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Promoting Web 3.0 Adoption

By integrating this wallet, the TON Foundation intends 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 Web 3.0 technology.

Hot Take: Proceed with Caution

Although while Telegram’s self-custodial wallet has exciting features, CertiK’s warning about Telegram bot tokens outlines the need for caution. With a whole lot of portion of these tokens potentially being exit scams, it’s critical to thoroughly research and exercise due diligence before engaging with them. As always, it’s critical to stay vigilant in the cryptocurrency space and prioritize security when dealing with new platforms and tokens.

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Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

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