{"id":22657,"date":"2024-04-22T06:00:09","date_gmt":"2024-04-22T10:00:09","guid":{"rendered":"https:\/\/me-en.kaspersky.com\/blog\/?p=22657"},"modified":"2024-04-22T14:22:44","modified_gmt":"2024-04-22T10:22:44","slug":"toncoin-cryptocurrency-scam","status":"publish","type":"post","link":"https:\/\/me-en.kaspersky.com\/blog\/toncoin-cryptocurrency-scam\/22657\/","title":{"rendered":"“Buy Toncoin and invite your friends”: how scammers promise big earnings with cryptocurrency"},"content":{"rendered":"

Making money with cryptocurrency<\/a> is imagined by many to be a sinecure: one lucky trade and you\u2019re set for life. While theoretically possible, just like winning the lottery, it only happens to an incredibly small number of people. \u201cGetting rich with crypto\u201d is more of a meme than reality. Yet self-proclaimed crypto-millionaires flaunt their Lamborghinis, stacks of cash, and watches the price of an apartment \u2014 fueling the dream. However, those cars are often rented, the \u201cmoney\u201d from a prank store, and the watches cheap knock-offs.<\/p>\n

These \u201ccrypto gurus\u201d or \u201cinsiders\u201d claim anyone can strike it rich with crypto; however, we all know there\u2019s no such thing as a free lunch. Today, we expose the fraudulent scheme of \u201cearning with Toncoin<\/a>\u201c, which revolves around a cryptocurrency based on Telegram technologies.\n<\/p>\n

How the Toncoin \u201cearning\u201d scheme works<\/h2>\n

\nScammers promote a \u201csuper-secret awesome bot\u201d and referral links as the key to earning Toncoin. In short: you invest your money, buy \u201cbooster\u201d tariffs, invite friends, and earn commission from every coin invested. The pyramid scheme<\/a> incentivizes larger investments with the promise of higher returns.<\/p>\n

According to our data, this scam has been active since at least November 2023 \u2014 targeting both Russian and users from other countries. To make it easier to lure in \u201cpotential partners\u201d, the scammers have recorded instructional videos in both Russian and English, along with detailed manuals and a large number of explanatory screenshots.<\/p>\n

Let\u2019s break this scam down step by step. Get your protection<\/a>\u00a0ready, and let\u2019s dive in!\n<\/p>\n

Stage one: preparation<\/h2>\n

\nFirst, the scammers instruct you to register a crypto wallet using an unofficial Telegram bot for storing crypto. Next, you provide your new wallet address to the bot for \u201cearnings\u201d through purchasing boosters. What these bots are really needed for, the scammers explain to victims later; initially, their main interest is ensuring you register without asking too many questions.<\/p>\n

\"Window<\/a>

Window of the bot for purchasing boosters; registration requires you to enter the address of the wallet previously created in the crypto wallet bot<\/p><\/div>\n

Next, you\u2019re instructed to buy 5.5 to 501 Toncoin (TON), with one TON equivalent to about six U.S. dollars at the time of writing this. They suggest using legitimate tools like P2P markets<\/a>, crypto exchanges, or the official Telegram bot<\/a> for this purchase. The freshly purchased TON must be immediately transferred to the crypto wallet bot \u2014 supposedly acting as your personal account within the \u201cearning system\u201d, which the scammers can control.\n<\/p>\n

Stage two: take action<\/h2>\n

\nWith accounts registered and coins purchased and transferred to the bot, it\u2019s time to start \u201cearning\u201d. The scammers then ask you to \u201cactivate the second bot\u201d \u2014 by choosing a booster tariff: \u201cbike\u201d, \u201ccar\u201d, \u201ctrain\u201d, \u201cplane\u201d, or \u201crocket\u201d. The fancier the tariff, the higher the commission percentage \u2014 \u201cbike\u201d costs 5 TON and offers 30% commission, while \u201crocket\u201d is 500 TON for 70%. However, the choice is irrelevant, because whatever tariff the victim chooses, the money will be irretrievably lost.<\/p>\n

\"Window<\/a>

Window with tariff selection in the booster bot<\/p><\/div>\n

Following the scammers\u2019 instructions, you create a private Telegram group and post several instructional videos about the \u201cearning\u201d scheme, along with your generated referral link. The abundance of these videos online indicates a significant number of victims have fallen for this scam.\n<\/p>\n

Stage three: earn!<\/h2>\n

\nSo, how do you actually earn something? With the help of your friends and acquaintances, of course! They will also need to buy TON, transfer it to the crypto wallet, and \u201cactivate the booster bot\u201d. The scammers strongly advise inviting at least five friends to your private group. \u201cThe number of invitations is unlimited, and the more people you attract, the better for you. Remember: you won\u2019t earn until at least five people activate the booster bot!\u201d. All very tempting. They even recommend calling each friend to personally explain this \u201cincredible earning scheme\u201d.<\/p>\n

The scammers promise earnings from two sources:\n<\/p>\n

    \n
  1. A fixed payment of 25 TON for each invited friend.<\/li>\n
  2. Commission based on the booster tariff purchased by your referrals.<\/li>\n<\/ol>\n

    \nIt turns out to be a classic pyramid scheme, where each participant is \u201ca partner rather than a freeloader\u201d. Sadly, nobody profits except the scammers, and all \u201cpartners\u201d lose their investments.\n<\/p>\n

    How to avoid crypto scams<\/h2>\n