Telegram’s New Wallet Raises Concerns About Telegram Bot Tokens
The release of Telegram’s self-custodial wallet on The Open Network (TON) blockchain has garnered both excitement and apprehension. While the wallet has the potential to revolutionize digital asset management for over 800 million users, Certik, a blockchain security firm, has issued a stark warning about the risks associated with Telegram bot tokens.
Certik recently released a cautionary message on social media platform X, revealing that over 40% of these tokens could be exit scams. The popularity of bot tokens has skyrocketed since July 2023, with gains surpassing 1,000%. UNIBOT, a pioneering bot token, saw its price surge by nearly 1300% on its listing day, reaching an all-time high of $90.
Certik’s analysis describes these tokens as “narrative shape-shifters” that adapt to both meme and traditional stories. The hype surrounding mini-game tokens like HAMS has further fueled interest. However, Certik’s research suggests that almost 40% of the 61 bot token projects listed on Coingecko could be exit scams.
UNIBOT, the most prominent of these tokens, operates on the Ethereum blockchain and has facilitated over $80 million in transactions and $1.5 million in shared revenue. While it offers features like limit orders and trade copying, Certik has raised concerns about UNIBOT’s approach to private key storage, suggesting that those seeking cold storage solutions may need to look elsewhere.
Telegram’s newly launched wallet, built on the TON blockchain, is expected to be a game-changer. It offers seamless management of crypto assets without the need to switch apps. This integration is projected to significantly increase the use of Telegram bots and apps, with Binance research showing that Telegram bots have facilitated $250M in total trades and $10M in daily transactions.
The user-friendly interface of the wallet is complemented by features that allow users to top up using a bank card, choose their preferred currency, and execute crypto trades effortlessly. Notably, TON Space enables users to send and receive crypto, manage NFT collectibles, and handle Telegram usernames and DNS. Additionally, the P2P market feature facilitates easy trading of crypto to fiat and vice versa.
The TON foundation aims to onboard around 30% of Telegram’s active users onto the TON blockchain within the next 3-5 years. This ambitious goal could pave the way for broader adoption of Web3 technology.
Although Telegram had previously disassociated itself from TON due to regulatory pressures, the recent launch of the self-custodial wallet demonstrates renewed commitment to the TON blockchain. However, the wallet feature will not be available to users in the United States, likely due to regulatory constraints.
Despite the significant milestone that the self-custodial wallet represents for the crypto world, Certik’s analysis serves as a timely reminder for users to exercise caution and conduct thorough research, particularly when dealing with bot tokens.
At press time, UNIBOT was trading at $76.17.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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