Blockchain security company Certik has cautioned against Telegram bot tokens, which have gained popularity due to enormous price surges. That comes after Telegram debuted a crypto wallet on Open Network to give users complete control over their digital assets.
Market participants have eagerly anticipated the launch to see how the self-custodial wallet could impact the usage of Telegram bots within the cryptocurrency market.
Telegram bot tokens prompt rug pulls warning
Telegram trading bots use specific rules to conduct trades on decentralized exchanges (DEXs). Certik cautioned users about the hyped Telegram bot tokens, citing augmented rug pull frauds.
The company stated that over 40% of these assets could be exit scams. It added that these tokens have increased in popularity since 20 July, with gains of over 1000%.
Certik believes the initial success of projects such as UNIBOT fuels Telegram bot tokens. UNIBOT price surged approximately 1,300% following its listing. That saw it hitting its $90 all-time high before sliding to a press time value of $74. The alt gained 1.59% over the last day and remained in green during this publication.
Telegram’s TON-based self-custodial wallet
Certik’s warning follows Telegram’s launch of a TON-based self-custodial wallet on 13 September. As invezz.com revealed, the move aimed to give customers complete control over their virtual asset investments.
As seen here, TON Space will attract Telegram’s 800M users, which is a huge boost for web3 adoption.
Identifying Telegram crypto scams
You can use a few strategies to identify potential Telegram crypto scams. First and foremost, fraudsters will often impersonate known individuals to solicit money from their victims. Secondly, they make people panic with frequent messages, leading to emotional decisions.
Moreover, scammers aren’t professional, often using broken English. These signs are enough to tell you something isn’t right about that hyped giveaway in Telegram.
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