Blockchain security firm Certik has sounded the alarm regarding Telegram bot tokens amid the recent launch of its self-custodial wallet on the TON blockchain.
The latest development comes as the community keenly anticipates the potential influence this wallet will have on using Telegram bots in the industry.
On Sept. 13, Certik released a warning on X (previously known as Twitter), urging users to remain vigilant and not be swayed by the escalating buzz surrounding Telegram bot tokens, owing to the rising apprehensions regarding potential rug pull scams.
According to the firm’s analysis, 40% of Telegram bot tokens could be involved in such scams.
These trading bots, which operate on decentralized exchanges and execute trades based on predefined rules, have seen a meteoric rise in popularity since July 20, with some tokens experiencing gains of over 1000%.
Certik attributes this sudden spike to the initial success of UNIBOT, a token that soared by nearly 1300% on its listing day, reaching an all-time high of $90. As of the time of reporting, it is trading at $76.
Data from CoinMarketCap reveals that 67 distinct Telegram bot tokens are in circulation, boasting a combined market capitalization exceeding $96.7 million.
Telegram rolls out self-custodial wallet powered by TON
This surge coincides with the launch of a self-custodial wallet on the TON network by Telegram on Sept. 13. A move is aimed at offering users greater autonomy over their digital assets.
It’s important to note that Telegram was not the creator of this wallet. The credit goes to The Open Platform (TOP), a firm with a dedicated team for wallet development and a venture-building unit named TOP Labs. This division works closely with the TON ecosystem and oversees a range of TON-based applications.
From November onwards, TON Space, the newly minted wallet, will be available to Telegram’s extensive global audience, eliminating the need for wallet registration. This initiative builds upon the existing custodial version of the Telegram wallet, which has already garnered a user base of three million.
However, it is to be noted that this feature will not be accessible to users residing in the U.S.
In addition to the wallet, the Telegram TON Blockchain has rolled out a new functionality that facilitates the transfer of Tether (USDT) among Telegram users. Furthermore, the team steering The Open Network (TON) blockchain has recently transitioned into a Swiss non-profit organization, marking a significant milestone in its journey.