A worrying revelation recently made by crypto security firm, Certik, indicates that over 40% of Telegram Bot tokens could potentially be exit scams. A stunning claim thrown out in a tweet last Wednesday. Elevated interest in these tokens, due to the initial success of UNIBOT, a Telegram bot aimed at streamlining trading and managing risk, has led to a dramatic rise in their market prominence since July 20 of this year, with gains exceeding 1000% in some cases.
Bots such as Unibot have resulted in more Telegram bots cropping up, each with unique product or service offerings. For instance, a token like IMGNAI exists for the sole purpose of granting users the ability to generate unblemished 4k resolution images using AI. Some might see this as a positive development, but there’s a catch.
Many of these new Telegram Bot tokens offer no discernible utility apart from serving as highly speculative instruments for those hoping to turn a quick profit. CoinMarketCap has 67 of these Telegram bot tokens on its radar with their combined market cap exceeding $96.7 million.
Meanwhile, Telegram and TON Foundation announced their new self-custodial wallet, TON Space, at Singapore’s Token2049 crypto conference. The Open Platform (TOP), the architects of TON Space, is a team focused on wallet creation with links to TOP Labs, an incubator heavily involved in the TON ecosystem.
TON Space, launching in November, will be accessible to Telegram’s international users without the need for wallet registration. While it seems a convenient upgrade to the CTI, existing Telegram wallet users, there’re strings attached. Region-specific exclusions have been applied, notably to US-based users – a move propelled by the American regulatory climate and crypto app geofencing.
This announcement of a new wallet aligns with Telegram TON Blockchain’s recent addition of a feature enabling Tether (USDT) transfers. The transition of The Open Network (TON) blockchain into a Swiss non-profit organization also recently concluded.
So, while the groundswell of Telegram Bot tokens brings both opportunities and risks, it’s a development that crypto enthusiasts cannot afford to ignore, as they navigate through the evolving landscape of blockchain and its potential implications.
Source: Cryptonews
