The revealing of Telegram’s self-custodial pockets on The Open Community (TON) blockchain has been met with a mixture of anticipation and warning. Whereas the pockets guarantees to revolutionize how over 800 million customers handle their digital property, blockchain safety agency Certik has issued a stark warning in regards to the potential dangers related to Telegram bot tokens.
Certik’s Deep Dive On Telegram Bot Tokens
On September 13, Certik released a cautionary message on social media platform X, highlighting the potential pitfalls of the burgeoning Telegram bot token market. Their evaluation reveals that over 40% of those tokens might be exit scams, a regarding statistic for potential traders.
Since July 20, 2023, bot tokens have witnessed a staggering rise in recognition, with positive factors surpassing 1,000%. This surge is basically attributed to the success of UNIBOT, a pioneering bot token that noticed its worth soar by almost 1300% on its itemizing day, reaching an all-time excessive of $90.
Certik’s evaluation additional delves into the character of those tokens, describing them as “narrative shape-shifters” that adapt to each meme and conventional tales. The hype round mini-game tokens, such because the notorious HAMS, has solely added gasoline to the hearth. One other notable point out is PAAL AI, a bot token mission akin to ChatGPT, which, regardless of its potential, hasn’t but launched its personal Telegram bot. However, out of the 61 bot token tasks listed on Coingecko, Certik’s analysis suggests that just about 40% might be exit scams.
UNIBOT, essentially the most outstanding of those tokens, operates on the Ethereum blockchain and boasts over $80 million in transactions and $1.5 million in shared income. Past mere buying and selling, it presents options like restrict orders and commerce copying. Nonetheless, Certik has additionally raised issues about UNIBOT’s strategy to personal key storage, hinting that these on the lookout for chilly storage options would possibly have to look elsewhere.
A New Period For Crypto?
Telegram’s newly launched pockets, constructed on the TON blockchain, is poised to be a game-changer. It presents customers an revolutionary integration that permits seamless administration of crypto property with out switching apps. This integration is predicted to considerably enhance the usage of Telegram bots and apps, with Binance analysis already displaying that Telegram bots have facilitated $250M in complete trades and $10M in day by day transactions.
The pockets’s user-friendly interface is complemented by options that enable customers to prime up utilizing a financial institution card, select their most well-liked forex, and execute crypto trades effortlessly. Certainly one of its standout options is TON House, the place customers can ship and obtain crypto, handle NFT collectibles, and even deal with Telegram usernames and DNS. Moreover, the P2P market function facilitates simple buying and selling of crypto to fiat and vice versa.
With this pockets integration, the TON basis has set an bold objective: to onboard round 30% of Telegram’s lively customers onto the TON blockchain throughout the subsequent 3-5 years, probably setting the stage for a broader adoption of Web3 expertise.
Telegram’s affiliation with TON isn’t new. In Might 2020, Telegram had introduced its resolution to discontinue its involvement with TON on account of regulatory pressures, a transfer that was confirmed by Telegram founder Pavel Durov. Regardless of the previous challenges, Telegram’s latest endeavors point out a renewed dedication to the TON blockchain. Nonetheless, it’s value noting that the brand new pockets function is not going to be obtainable to customers in america, a choice possible influenced by regulatory constraints.
The launch of the self-custodial pockets on the TON blockchain marks a major milestone within the crypto world. Nonetheless, because the ecosystem evolves, Certik’s evaluation serves as a well timed reminder for customers to train warning and conduct thorough analysis, particularly when navigating the advanced panorama of bot tokens.
At press time, UNIBOT traded at $76.17.
Featured picture from Hamon Applied sciences, chart from TradingView.com
