- September 15, 2023
- Posted by: [email protected]
- Category:
Cryptocurrency security firm Certik has issued a warning that highlights a potential crisis in the world of Telegram bot tokens, with over 40% of them possibly being exit scams. Certik revealed this disturbing information in a tweet on Wednesday.
The surge in popularity of these Telegram Bot tokens has been nothing short of astonishing, especially since July 20, when gains have reached an astonishing 1000%. Certik suggests that this meteoric rise in popularity can be attributed to the initial success of UNIBOT.
UNIBOT, a robust Telegram bot designed to enhance trading efficiency and risk management, witnessed its native token’s price soar by a staggering 1,300% on the day of its listing. Telegram offers a vast marketplace of thousands of bots, each providing unique products or services to users.
An interesting trend among several of these bot projects is their development of proprietary cryptocurrency tokens. These tokens serve various purposes, depending on the specific project they are associated with. For instance, the Telegram bot token IMGNAI grants users the capability to generate unique images through artificial intelligence. IMGNAI token holders enjoy the advantage of watermark-free, high-quality 4K resolution images.
However, not all Telegram bot tokens offer such practical utility. Some tokens are characterized by their highly speculative nature, attracting individuals with the hope of profit-making as their primary motivation.
CoinMarketCap currently tracks a total of 67 distinct Telegram bot tokens, which collectively boast a market capitalization exceeding $96.7 million.
In related news, during the Token2049 crypto conference in Singapore, both Telegram and the TON Foundation jointly announced the launch of TON Space, a new self-custodial wallet. It’s important to note that Telegram did not develop this wallet in-house. Instead, TON Space is the brainchild of a company known as The Open Platform (TOP). TOP comprises a dedicated wallet development team and a venture-building division called TOP Labs, which collaborates closely with the TON ecosystem and oversees a portfolio of TON-based apps.
TON Space will be accessible to Telegram’s global user base without the need for wallet registration beginning in November. This move serves as an extension of the existing custodial version of the Telegram wallet, which has already garnered three million registered users. However, it’s crucial to mention that certain jurisdictions, such as the United States, are currently excluded from using the self-custodial wallet due to increased regulatory scrutiny and geofencing measures affecting numerous crypto apps in the market.
This announcement coincides with Telegram’s TON Blockchain introducing a feature allowing users to transfer Tether (USDT). More recently, The Open Network (TON) blockchain’s team successfully transformed it into a Swiss non-profit organization, signaling a new chapter in its development journey.
