Crypto Security Firm Certik Warns Over 40% of Telegram Bot Tokens May be Exit Scams

Crypto security firm Certik has revealed that more than 40% of Telegram Bot tokens could be exit scams.

“Our analysis shows that over 40% of Telegram Bot tokens could be exit scams,” the company said in a Wednesday tweet. 

Certik pointed out that these tokens have witnessed an “astronomical surge” in popularity since July 20, with gains exceeding 1000%.

The company attributes the surge in popularity of Telegram bot tokens to UNIBOT’s initial success. 

Unibot, a powerful Telegram bot designed to facilitate more efficient trading and risk management, has seen the price of its native token increase by 1,300% on the day of its listing. 

Beware of the hype train! 🚆🛑

Our analysis shows that over 40% of Telegram Bot tokens could be exit scams…

Unveiling Telegram Bot Tokens in our new Byte Size Blockchain 👇 pic.twitter.com/Rf4VNqhWeJ

— CertiK (@CertiK) September 13, 2023

There are thousands of Telegram bots available in the market, each offering specific products or services. 

A notable trend among some of these bot projects is the creation of their own cryptocurrency tokens. The purpose and functionality of these tokens can vary depending on the particular project.

One example is the Telegram bot token IMGNAI, which grants users the ability to generate unique images using artificial intelligence. 

Unlike free users, those with IMGNAI tokens can enjoy watermark-free images in high-quality 4k resolution. 

However, it’s worth noting that there are also Telegram bot tokens that lack any meaningful use case. 

These tokens are highly speculative in nature, primarily appealing to individuals who purchase them with the expectation of making a profit.

CoinMarketCap currently tracks 67 different Telegram bot tokens, which have a cumulative market cap of over $96.7 million. 

Telegram Launches Self-Custody Wallet Built on Ton

In a joint announcement at Singapore’s Token2049 crypto conference, Telegram and the TON Foundation revealed the launch of TON Space, a new self-custodial wallet. 

It is worth noting that Telegram did not build the wallet itself. Instead, the self-custodial wallet, named TON Space, is the brainchild of a company called The Open Platform (TOP). 

TOP comprises a team dedicated to wallet development and a venture-building division called TOP Labs, which closely collaborates with the TON ecosystem and manages a portfolio of TON-based apps.

TON Space Will be Available Starting November

Starting in November, TON Space will be accessible to Telegram’s global user base without requiring any wallet registration. 

This feature serves as an extension of the existing custodial version of the Telegram wallet, which has already amassed three million registered users. 

However, certain jurisdictions, such as the United States, are currently excluded from the self-custodial wallet due to the country’s increased regulatory scrutiny and the geofencing of numerous crypto apps from the market.

The launch of a new wallet comes as Telegram TON Blockchain has introduced a new feature that enables Telegram users to transfer Tether (USDT).

More recently, the team overseeing The Open Network (TON) blockchain also completed its transition into a Swiss non-profit organization.