Fake Stablecoins on TON Blockchain: A Threat to Its Achievements?

[Fhiyyerh]

Around June 21st this year, I came across some concerning news about the TON blockchain. Reports indicated that scammers are targeting crypto exchanges with fake stablecoins on the TON network. This is surprising, especially considering TON’s recent achievements, including $20 million in funding and positive community attention.

Despite these advancements, the presence of scammers raises serious questions about security and trust. How are these scammers infiltrating the system, and what measures are in place to prevent such activities? Could these fraudulent activities potentially undermine TON’s progress and create significant challenges for its future development?

What do you think about this situation? Can these security issues overshadow the achievements of TON, and what steps should be taken to address them?

[bee]

I think fake stabletokens have plagued many other networks in the past, you can see on the ethereum network or other EVM chains that even hundreds of fake tokens are circulating. I don't consider this to be a significant disruption to network continuity. Some block explorers have detectors for this type of fraud. Another fact, stable coins are somewhat centralized, so even legitimate coins suspected of criminal activity can be frozen.

[TomPluz]

Despite these advancements, the presence of scammers raises serious questions about security and trust. How are these scammers infiltrating the system, and what measures are in place to prevent such activities? Could these fraudulent activities potentially undermine TON’s progress and create significant challenges for its future development?

The biggest reason why TON is now attracting scammers and fraudsters is because it is already a very successful and a growing platform, otherwise they would not give any attention to it. As long as there is a big community of people and supporters congregating in a crypto platform, there will always be evil people planning to victimize people and make good amount of money along the way. Now, I am sure TON is already aware of this cancer and must be doing concrete steps to limit the possible damage and fend off this kind of people infiltrating the TON ecosystem. And I guess it is also the responsibility of the people in TON to help catch these scammers so they will stop their damaging projects using the platform for their own benefits.

[bee]

And I guess it is also the responsibility of the people in TON to help catch these scammers so they will stop their damaging projects using the platform for their own benefits.

From the many cases I have studied, there is no special assistance provided by blockchain developers to catch scammers and it is not their responsibility. As decentralized blockchains do not identify transaction owners in detail, of course developers side with law enforcement and only help to a certain extent. Law enforcement is generally more likely to work with other (centralized) entities that are more effective, for example on which platforms scammers advertise their fake tokens.

[Charles-Tim]

Despite these advancements, the presence of scammers raises serious questions about security and trust. How are these scammers infiltrating the system, and what measures are in place to prevent such activities? Could these fraudulent activities potentially undermine TON’s progress and create significant challenges for its future development?

This is old already because fake coins can be created on other blockchains like ethereum, BSC, solana and others.

What do you think about this situation? Can these security issues overshadow the achievements of TON, and what steps should be taken to address them?

This can not disturb the progress of TON blockchain. It is people that should be careful and avoid being scammed.  There has been no way used to address this issue in the past than people to learn how to avoid the scam.

[hugeblack]

Fake Stablecoins, 0 amount send and other scam methods that can be avoided by using a well-programmed wallet, verifying the address several times, using the correct fees and not accepting transactions without the necessary confirmations. Although the transactions are final, with simple steps you can avoid being scam.

[ABCbits]

How are these scammers infiltrating the system, and what measures are in place to prevent such activities?

They don't infiltrate when anyone can create token/stablecoin on TON blockchain.

Could these fraudulent activities potentially undermine TON’s progress and create significant challenges for its future development?

Most likely no, unless the scammer somehow manage to fool major services or tons of people at once.

What do you think about this situation?

Nothing surprising, it's common occurrence on different blockchain.

[Fhiyyerh]

Despite these advancements, the presence of scammers raises serious questions about security and trust. How are these scammers infiltrating the system, and what measures are in place to prevent such activities? Could these fraudulent activities potentially undermine TON’s progress and create significant challenges for its future development?

This is old already because fake coins can be created on other blockchains like ethereum, BSC, solana and others.

What do you think about this situation? Can these security issues overshadow the achievements of TON, and what steps should be taken to address them?

This can not disturb the progress of TON blockchain. It is people that should be careful and avoid being scammed.  There has been no way used to address this issue in the past than people to learn how to avoid the scam.

Yeah, true, you have a point, but security threats can't be overlooked. As a web3 person, security is my top priority. My issue is with web2 people getting onboard through the TON blockchain—most of them don't know the importance of security. I hope they use their recent funding to add more security to the blockchain.

[Mr. Magkaisa]

       -   I don't think it will affect the good success of the TON blockchain; rather, that will continue. The only thing with the TON blockchain is that when you fulfill what they need to be listed on its platform, you will be listed for sure.

Even the CEX platforms have stablecoins that we can say are fake stablecoins; we just can't tell if they are really fake. But there are other exchange platforms that also delist stablecoins.

[0t3p0t]

Maybe this will be the new normal in the cryptocurrency world whether we like it or not it will exist. Developers and investors need to make money and that is what comes up to their mind and for me it is not a scam but a clever way to make money. It is always up to us to choose and invest so it is definitely our own decision to fall for their trap if it is.

[Fhiyyerh]

I think fake stabletokens have plagued many other networks in the past, you can see on the ethereum network or other EVM chains that even hundreds of fake tokens are circulating. I don't consider this to be a significant disruption to network continuity. Some block explorers have detectors for this type of fraud. Another fact, stable coins are somewhat centralized, so even legitimate coins suspected of criminal activity can be frozen.

You ar right most stables are centralized. but considering that TON has a lot of web2 users this is somehow concerning, even though they are doing great

[Fhiyyerh]

How are these scammers infiltrating the system, and what measures are in place to prevent such activities?

They don't infiltrate when anyone can create token/stablecoin on TON blockchain.

Could these fraudulent activities potentially undermine TON’s progress and create significant challenges for its future development?

Most likely no, unless the scammer somehow manage to fool major services or tons of people at once.

What do you think about this situation?

Nothing surprising, it's common occurrence on different blockchain.

so You think this is not a security thread issue? In my own understanding I view as the most blockchain close to web2 fellas and security is one big thing they are lacking knowledge about which is why I always think TON need extra later

[Wiwo]

This is expected because at èvery phase of success there I band to be scammers making attempts to take advantage of the environment,  ton network and it success have attracted alot of scammers already amd all that we the user and investors can do is to make sure we check every detail and make sure we are dealing with the real wallet and coin before we make any transactions,  because its only by taking precautions that we can prevent scams from being executed.

[Cracked_whong]

TON Blockhain has climb a success ladder that I thought if anything can make it drop. Scammers can be a concern but not to the extent of them becoming a threat.

[electronicash]

fake stablecoins on TON has been around for years. in telegram account market called fragment.com users who own top level usernames sometimes are targeted and paid with fake USDT after giving up their usernames.  they are very skilled user i'm almost a victim if i didn't tried swapping first the USDT i received i wouldn't know it was a fake usdt.

when i tired USDT to trade with TON, the usdt reflected in my toonkeepr is 800USDT but swapping them reflects i have no USDT. that's when i learned it was a fake USDT.