Scammers are exploiting the rising popularity of Telegram and its associated cryptocurrency, Toncoin (TON), to execute a highly scalable scheme design to pilfer the digital tokens from unsuspecting users. Kaspersky researchers have discovered the operation, which has been active since November 2023, and warns that it is a growing threat.

Victims are being lured into the scheme via an invitation to join an “exclusive earning program” received from a contact in their list. The invitation leads them to an unofficial Telegram bot, falsely touted as a cryptocurrency storage solution. The victims are then instructed to link it to a legitimate wallet and to buy Toncoins through official channels such as the official Telegram bot or through cryptocurrency exchanges.

After duping victims into purchasing the coins, scammers push them to buy so-called ‘boosters’ using a separate bot, stating that this is the step needed to commence earning. The ‘boosters’, likened to those seen in online games, are misleadingly marketed as tools that allow users to capitalise on their coins further. “This scheme resembles boosters in online games – by purchasing one, the user gains additional advantages,” explains Olga Svistunova, Senior Web Content Analyst at Kaspersky. Once bought these ‘boosters’ cost victims their cryptocurrency, and the money lost is irreversible.

Following the purchase of the scam ‘boosters’, users are manipulated into propagating the scheme. They are encouraged to create a private Telegram group with their friends and acquaintances, share a specially generated referral link and a video with instructions on earnings. The scammers claim that at least five people should join the private group via the referral link before a victim can start earning. They are also told that they will receive payment for each friend invited and will make a commission from each of the fraudulent ‘boosters’ purchased by those they have referred.

Alluding to the potential scale of the scam, the Telegram Open Network (TON) was developed by the Durov brothers and is now backed by an independent community. Telegram itself has reached 900 million monthly users and ranks globally as the 6th most used and 6th most downloaded app. This expansive user base increases both the potential pool of victims and the likely impacts of the scheme.

Kaspersky experts have urged all users to exercise caution when encountering offers of quick riches, even if they are received from friends or acquaintances. Avoid transferring cryptocurrency to unknown or suspicious wallets, and consider comprehensive protection for your digital assets, such as Kaspersky Premium which alerts you to suspicious websites and guards your wallet against scammers, miners and other threats. Staying updated and informed about the latest fraudulent schemes is another effective protective measure.

Keonne Rodriguez and William Lonergan Hill have been charged by the U.S. Department of Justice for laundering more than $100 million from various criminal enterprises through Samourai, a cryptocurrency mixer service they ran for nearly a decade.

As detailed in a superseding indictment, criminals also used Samourai’s Whirlpool crypto mixer to process over $2 billion in illicit funds between 2015 and February 2024.

In addition to crypto mixing services, Samourai also offered a service called “Ricochet,” which allowed users to send cryptocurrency using additional and unnecessary intermediate transactions to thwart law enforcement and crypto exchange efforts to track funds sourced from criminal activity.

This money laundering activity allegedly earned the two founders around $4.5 million in fees for Whirlpool and Ricochet transactions.

“Since the start of the Whirlpool service in or about 2019, and of the Ricochet service in or about 2017, over 80,000 BTC (worth over $2 billion applying the BTC-USD conversion rates at the time of each transaction) has passed through these two services operated by Samourai,” the indictment alleges.

Samourai’s Wallet mobile application was also downloaded over 100,000 times, allowing users to store private keys for BTC addresses they controlled and exchange funds with other Samourai users in anonymous financial transactions.

Icelandic law enforcement has seized Samourai’s domains (samourai[.]io and samouraiwallet[.]com) and web servers, and the Google Play Store removed the Android mobile app after being served a seizure warrant.

​Rodriguez was taken into custody this morning and will appear before a U.S. Magistrate Judge in the Western District of Pennsylvania in the following days.

Hill was also arrested this morning in Portugal on U.S. criminal charges, with the U.S. government planning to request his extradition to the United States so that he can stand trial.

They’re both charged with two counts of conspiracy: money laundering (20-year maximum sentence) and operating an unlicensed money-transmitting business (5-year maximum sentence).

“While offering Samourai as a ‘privacy’ service, the defendants knew that it was a haven for criminals to engage in large-scale money laundering and sanctions evasion,” the DOJ said.

“Samourai laundered over $100 million of crime proceeds originating from, among other criminal sources, illegal dark web markets, such as Silk Road and Hydra Market; various wire fraud and computer fraud schemes, including a web-server intrusion, a spearphishing scheme, and schemes to defraud multiple decentralized finance protocols; and other illegal

With its groundbreaking approach to blockchain consensus, powered by the PHANTOM protocol and GHOSTDAG algorithm, BlockDAG positions itself as a frontrunner in the cryptocurrency landscape. As anticipation mounts for its moon keynote, BlockDAG’s unique features and strategic initiatives capture the attention of investors seeking the next big opportunity in digital finance.

Cardano

Over the past month, Cardano has experienced a substantial decline in price, dropping to $0.60 on April 11, reflecting a 27% decrease from its peak earlier in the year. Recent data indicates a stagnation in Cardano’s network expansion, trailing behind newer competitors in the Decentralized Finance (DeFi) sector. Despite boasting a market capitalisation exceeding $20 billion, Cardano lacks a significant presence in vital blockchain industries. For instance, its largest lending protocol, Liquid, exhibits a Total Value Locked (TVL) of a mere $57 million. These inadequacies cast doubt on Cardano’s valuation, earning it the moniker of a “zombie coin” despite its substantial market capitalisation.

Toncoin

Toncoin (TON) has recently surpassed Cardano (ADA) in market capitalisation, propelled by a 13% price performance, reaching an all-time high of $7.08. Telegram’s commitment to distributing advertising revenue in TON and accepting payment for TON advertising has significantly contributed to this achievement. Notably, Toncoin’s market cap now exceeds $23 billion, eclipsing Cardano’s $21.4 billion valuation.

The collaboration with Telegram has unlocked new prospects, such as Notcoin, a Telegram-based game boasting 35 million players, set to introduce its native token on the TON blockchain. Toncoin’s success underscores the transformative potential of strategic partnerships in driving growth and adoption within the cryptocurrency ecosystem.

BlockDAG

BlockDAG is spearheading cryptocurrency evolution with its groundbreaking PHANTOM protocol and GHOSTDAG algorithm, setting new benchmarks in network integrity and performance. This innovative DAG chain technology surpasses conventional blockchain models, offering unparalleled scalability, security, and decentralisation. While Cardano’s growth trajectory remains uncertain and Toncoin garners attention with its Telegram collaboration, BlockDAG is quietly reshaping the digital currency landscape. Its unique consensus mechanism addresses the challenges of malicious block inclusion and ensures seamless and equitable transaction processing, heralding a new era of trust and efficiency in the crypto sphere.

The Last Take

Amidst fluctuating Cardano prices and Toncoin’s Telegram partnership buzz, BlockDAG shines as a beacon of financial innovation. With its remarkable price surge and pioneering consensus approach, BlockDAG isn’t merely keeping pace; it’s setting the standard. As investors eagerly embrace its presale offering, the consensus is clear: BlockDAG stands out as the premier crypto investment opportunity, with the potential for exponential performance.

Learn More About BlockDAG Now!

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.