Telegram’s Self-Custodial Wallet Raises Concerns About Bot Tokens
The recent introduction of Telegram’s self-custodial wallet on The Open Network (TON) blockchain has generated both excitement and caution. While the wallet offers a revolutionary way for over 800 million users to manage their digital assets, Certik, a blockchain security firm, has issued a warning about the potential risks associated with Telegram bot tokens.
Certik’s Analysis of Telegram Bot Tokens
Certik recently released a cautionary message on social media platform X, highlighting the dangers of the growing Telegram bot token market. According to their analysis, more than 40% of these tokens could be exit scams, which is a concerning statistic for potential investors.
Bot tokens have gained significant popularity since July 20, 2023, with some experiencing gains exceeding 1,000%. The success of UNIBOT, an influential bot token that saw its price surge by almost 1300% on its listing day, reaching a record high of $90, has contributed to this surge.
Certik describes these tokens as “narrative shape-shifters” that adapt to both meme and traditional stories. The hype around mini-game tokens like HAMS has further fueled interest. However, Certik’s research suggests that nearly 40% of the 61 listed bot token projects on Coingecko could potentially be exit scams.
UNIBOT is one of the most prominent bot tokens, operating on the Ethereum blockchain and facilitating over $80 million in transactions and $1.5 million in shared revenue. While it offers features like limit orders and trade copying, Certik has expressed concerns about UNIBOT’s approach to private key storage. Users seeking cold storage solutions may need to explore alternative options.
A Game-Changing Wallet and the Potential for Crypto Adoption
Telegram’s newly launched wallet, built on the TON blockchain, has the potential to revolutionize the crypto landscape. It enables users to seamlessly manage their crypto assets without switching apps, which is expected to increase the use of Telegram bots and apps. Research from Binance suggests that Telegram bots have already facilitated $250 million in total trades and $10 million in daily transactions.
The wallet’s user-friendly interface offers features such as topping up with a bank card, selecting preferred currency, and executing crypto trades effortlessly. Notable features include TON Space, where users can send and receive crypto, manage NFT collectibles, and handle Telegram usernames and DNS. The P2P market feature also facilitates easy trading between crypto and fiat currencies.
The TON foundation aims to onboard approximately 30% of Telegram’s active users onto the TON blockchain within the next 3-5 years, potentially driving wider adoption of Web3 technology.
Telegram’s Commitment to TON
Although Telegram previously discontinued its involvement with TON due to regulatory pressures, its recent launch of the self-custodial wallet indicates a renewed commitment to the TON blockchain. However, users in the United States will not have access to this new wallet feature due to regulatory constraints.
A Timely Reminder for Caution
The release of the self-custodial wallet on the TON blockchain is a significant milestone for the crypto industry. However, Certik’s analysis serves as a reminder for users to exercise caution and conduct thorough research when navigating the complex landscape of bot tokens.
At present, UNIBOT is trading at $76.17.
Hot Take: Proceed with Caution When Exploring Telegram Bot Tokens
Telegram’s new self-custodial wallet on the TON blockchain brings excitement to the crypto world. However, Certik’s warning about the potential risks associated with Telegram bot tokens should not be taken lightly. With over 40% of these tokens potentially being exit scams, it is crucial to exercise caution and conduct thorough research before investing. While the wallet offers innovative features and integration that could boost the use of Telegram bots and apps, users should remain vigilant in navigating this complex landscape. The launch of the TON wallet marks a significant milestone, but it is essential to proceed with care and prioritize security.
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