The debut of the Telegram self-custodial wallet on The Open Network (TON) blockchain has prompted Certik, a blockchain security firm, to issue a warning about investing in Telegram bot tokens.
The community has eagerly awaited how this wallet will enhance the presence of Telegram bots in the industry.
Surge in Telegram Bot Token Rug Pulls
On September 13, Certik issued a cautionary message on X (formerly Twitter), advising users to exercise caution and avoid falling for the hype surrounding Telegram bot tokens due to concerns about rug pull scams.
“Our analysis reveals that more than 40% of Telegram bot tokens may potentially be exit scams.”
Telegram trading bots connect to decentralized exchanges, perform trades by a set rules, and usually charge a small fee.
Furthermore, it highlights that since July 20, these tokens have witnessed an astronomical surge in popularity, with gains exceeding 1000%.
Certik notes that a proliferation of Telegram bot tokens has emerged following the groundbreaking success of Unibot. So much so, that the absence of Telegram integration in certain Web3 projects has raised authenticity concerns.
This comes amid Telegram launching a self-custodial wallet based on the TON network on September 13. The move was said to be in an effort to give users more control over their digital assets.
For projects established on the TON blockchain, Telegram’s advertising platform will offer priority access. This functionality is presently accessible in user settings, and a global release is planned for later in the year.
However, this feature won’t be available to users in the United States.
This is not the first time that Telegram has worked with TON, previously referred to as Telegram Open Network.
In May 2020, Telegram announced that it would no longer be working with TON, citing regulatory pressures.
In a seperate announcement, Telegram founder Pavel Durov explained that a US court had stopped TON from emerging:
“I am writing this post to officially announce that Telegram’s active involvement with TON is over.”
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