Is it safe to store coins in the telegram wallet?

[Yamzakid]

my issue is relates to wallets, I planned to start this discussion on the crypto wallets board. However, now that I think about it, it will also be helpful here because this board is for beginners. I'm not sure whether this question has been asked here before, but it will still be beneficial for us to discuss it again.

I just found out that some people, particularly those who mine meme coins on Telegram, are storing their coins in Telegram wallets. A friend of mine complained angrily to me about the wallet that his telegram account was hacked and he has no access to his wallet again if there is any way I could assist him, and I told him I don't know about the wallet because I don't know how safe it is.
in my opinion, if there is anything that will prevent a user from accessing their wallet, I can't recommend using it. But I'd like to hear your thoughts on any possible solutions to this issue and whether it's safe for us to store our coins in the Telegram wallet.

[Lucius]

I read somewhere that there are such wallets, but there is only one truth in all this, and that is that if a person does not fully control his private keys, then he is in great danger of somehow losing his coins. Therefore, the conclusion is very clear, such a wallet is not secure and is the complete opposite of what we consider secure.

For the average user, a hardware wallet that comes from a renowned manufacturer is the best and simplest option that needs to be paid for, while on the other hand desktop and mobile wallets come in free versions, but as hot wallets they are only recommended for smaller amounts due to the vulnerability of the systems on which they are located.

The conclusion is that the greatest risk comes from online wallets, whether they are really online wallets or your account on a centralized exchange.

[Z-tight]

I have never used such a wallet and i would never do so. Why use a telegram wallet when there are a lot of recommended wallets out there to choose from, i am sure this wallet is custodial and it is not open source.

If it is altcoins you want to store, there is a recommended option in Unstoppable wallet, it is also open source, and if it is for BTC, you can use Electrum or BlueWallet, however if you'll be storing a lot of funds, then use a hardware wallet or run Electrum in an airgapped device.

[Faisal2202]

my issue is relates to wallets, I planned to start this discussion on the crypto wallets board. However, now that I think about it, it will also be helpful here because this board is for beginners. I'm not sure whether this question has been asked here before, but it will still be beneficial for us to discuss it again.

I just found out that some people, particularly those who mine meme coins on Telegram, are storing their coins in Telegram wallets. A friend of mine complained angrily to me about the wallet that his telegram account was hacked and he has no access to his wallet again if there is any way I could assist him, and I told him I don't know about the wallet because I don't know how safe it is.
in my opinion, if there is anything that will prevent a user from accessing their wallet, I can't recommend using it. But I'd like to hear your thoughts on any possible solutions to this issue and whether it's safe for us to store our coins in the Telegram wallet.

Telegram wallet is known as ton space I think, well specifically that wallet is based on Ton blockchain and is a web3 wallet which means if you have the seed phrase you can open that wallet on any other ton blockchain-based wallet. The point is, if your friend's wallet is lost to hackers or scammers, then there is no way he will leave the funds in it (if there were any).

If your friends did not save the seed phrase manually but backed up the wallet automatically by choosing the other option to save the wallet withe mail address. Then he need email to get the OTP and he will be able to get the access back, and same can be done with seed phrase. But what if there is no funds remain in it.
https://wallet.helpscoutdocs.com/article/86-security
This link might be of some help to you.

[ABCbits]

It's not even clear whether OP's friend talking about wallet provided by Telegram itself or someone else (in form of bot). Although both of them are custodial, where ones provided by Telegram itself also have KYC requirement. And aside from what others said, IMO it's not very safe to combine messaging and wallet on same application.

Edit: I just found out Telegram wallet also provide self-custodial option (i never try it though), although custodial remain the default option.

[Z-tight]

And aside from what others said, IMO it's not very safe to combine messaging and wallet on same application.

Yeah, and especially a messaging application like Telegram that is known to be a 'home' of scammers and different kind of scams, i cannot imagine one using a Telegram wallet, when the recommended options to choose from are just so many. I guess people just like to take the risky step and put their coins in danger.

[Lucius]

And aside from what others said, IMO it's not very safe to combine messaging and wallet on same application.

Yeah, and especially a messaging application like Telegram that is known to be a 'home' of scammers and different kind of scams, i cannot imagine one using a Telegram wallet, when the recommended options to choose from are just so many. I guess people just like to take the risky step and put their coins in danger.

I was always afraid of any browser-based wallets, so even though I tried some online wallets at the beginning, I realized that it was simply too big a risk and I never kept large amounts in such wallets.

What is obvious is that many people want all-in-one solutions, and if that means that it has a chat application that also offers a crypto wallet, then at first it seems very attractive. Let's be realistic and honest, how many people do you think understand the difference between custodial and non-custodial wallets? I don't dare to write a percentage, but I am sure that it is quite high.

[bounceback]

Actually not really recommended store or holding your assets trough telegram wallet due many user suddenly get suspended their account without any an acceptable reason. I think telegram wallet too risk when holding our assets secure or not but how easily telegram account got suspended and we can't recovery back after account banned although have access with phone number or our account secure 2FA.
Must be careful when holding assets in Telegram wallet and must withdraw to main wallet as CEX exchange to secure our assets from banned of telegram account.

[MrSpasybo]

my issue is relates to wallets, I planned to start this discussion on the crypto wallets board. However, now that I think about it, it will also be helpful here because this board is for beginners. I'm not sure whether this question has been asked here before, but it will still be beneficial for us to discuss it again.

I just found out that some people, particularly those who mine meme coins on Telegram, are storing their coins in Telegram wallets. A friend of mine complained angrily to me about the wallet that his telegram account was hacked and he has no access to his wallet again if there is any way I could assist him, and I told him I don't know about the wallet because I don't know how safe it is.
in my opinion, if there is anything that will prevent a user from accessing their wallet, I can't recommend using it. But I'd like to hear your thoughts on any possible solutions to this issue and whether it's safe for us to store our coins in the Telegram wallet.

It's truly convenient that everyone using Telegram can create a Telegram Wallet to store and transfer tokens within the Ton ecosystem. I believe the security level of Telegram Wallet depends on the security level of Telegram itself, and so far it has been quite good. At least, I haven't heard of anyone's Telegram Wallet being hacked due to a flaw in the code or Telegram itself.

However, it's also a hot wallet and is always online whenever you use Telegram, so it's not as secure as hardware wallets. Compared to other hot wallets such as MetaMask and SafePal, I think Ton Space has comparable security, and if you don't need to store too many crypto assets, it's still trustworthy and worth using.

[taufik123]

I have been using Telegram wallet for a long time, but I have never stored many assets in Telegram Wallet.
it is only used for a few projects on the TON network and even I am not in the mood to store many assets in the Telegram wallet.

It's about security and it's better to keep it in my personal wallet, using a hardware wallet it's safer and there's full control and more security.

[Freemind]

As @Lucius (+1) has said very well, those wallets in which the users do not control the private keys are not really ours, that's the first thing any user approaching cryptocurrencies for the first time should learn. Any wallet (especially hardware wallets) is much more secure than wallets that "depend" on some type of service, like Telegram in this case, even software wallets in which we control the private keys. Your friend has learned a hard lesson.

[Agbe]

What the telegram wallet when self custodial wallets are out there for you to use and secure your coins. Though I don't know what coin you are talking of. But if it is bitcoin then I advise you to use Electrum wallet and not telegram wallet. Telegram is a social media and anything can happen to social media accounts. If your telegram account is deleted then your coins are also gone. Therefore you better use the wallet I mentioned above.

[electronicash]

maybe they are not expecting too much off the meme coin that they just put it somewhere unsafe. unless its become easier to use the memecoin in telegram channel where they could spend in a game, like the TON tokens i guess that's something understandable.

but if you are storing BTC and other major crypto, just use the appropriate. because you don't have the private key to those telegram wallet. however its linked to your phone number though which it is only your phone number that can access your coins. of course there is a hack to this but you don;t have to wait til your wallet gets compromised so its best to just use a safe wallet. 

[nakamura12]

I think there's a discussion about such wallets online but I haven't tried using it. My advice to you is that you should just use the wallet that is used by many people like rather than using a wallet that you have just heard or know about it. If you want to use it then you shouldn't store some coins there if I were you. Doing what I just said would surely help you not lose money because of a wallet.

[bayu7adi]

I think the phenomenon you mean refers to hamster combat, where the tokens you get don't actually have a special wallet to hold them, moreover the coins you get can't be exchanged anywhere (even though there has been news that Bybit is ready to be the exchange that lists these coins).. .Until now, Hamster Kombat is still in its early stages, so it's natural to still store it in a Telegram-based wallet..

However, my advice is to never store valuable tokens in a telegram wallet, it's really not safe... just like you find BTC wallets based on telegram bots... it's very unsafe... in fact we all never know how it works This bot means that many people have become victims of hacking without having to hack their Telegram account. Until now, non-custodial wallets are still the safest for storing BTC balances.