Telegram now allows its users to exchange crypto through their wallet @Wallet Bot. Telegram is one of the most well-known and used messaging apps in the world. It allows for discussion between users, but also for the creation of groups which happens very often when creating a new crypto-currency to bring together a community for example.
One of the specifics of this application is that it adopted cryptocurrencies in its functions very early on. Nevertheless, it was only through a recent update that Telegram users got the ability to trade and transfer tokens from the app.
A cryptocurrency exchange system integrated into the Telegram application
The developers behind the Telegram bot @Wallet Bot recently created a Peer-to-Peer (P2P) cryptocurrency exchange platform that they integrated directly into the mobile app. Wallet Bot is a bot launched in April that allows Telegram users to buy Toncoin (TON) cryptocurrency with a bank card and send it in chat messages.
Following the latest update to the application, the Wallet Bot now allows its users not only to sell cryptocurrencies but also to buy and transfer them via the Telegram application. According to the developers:
"The exchange platform will have to act as a guarantor for each transaction. In the event of a disagreement between the seller and the buyer, it will be up to the service to conduct a dispute resolution process."
Thus, this new service rids Telegram users of the need to send cryptocurrencies to a wallet address or to use exchange platforms for their purchase or sale transactions. The latter will now only need the name of the recipient's account in the messaging application to carry out any transaction.
In an announcement made by the developers of the project, the exchange service offers anonymous P2P transactions. Nevertheless, each user must communicate his mobile phone number to the robot in order to be able to deposit, exchange or buy cryptocurrencies.
What are the different cryptocurrencies supported by the service?
According to information published by the developers, the new Telegram P2P exchange platform is compatible with the following currencies: US Dollar (USD), Euro (EUR), Belarusian Ruble (BYN), Grivna (UAH), and the Kazakh Tenge (KZT).
Each currency has a list on which we find the different payment methods accepted. All you have to do is analyze each list to determine the options available in each country before loading your wallet balance with the appropriate currency.
Any user wishing to sell cryptocurrencies will have to pay a commission of 0.9% for each transaction. As for buyers, they won't have to pay any fees, according to a statement from the Wallet Bot developers.
For now, only Toncoin (TON) and Bitcoin (BTC) cryptocurrencies are available for purchase. Nevertheless, plans are to increase the supply at a later date according to the company. Only the TON is available to send between users directly through instant chats.
Toncoin is a blockchain network originally founded by the Durov brothers, founders of the Telegram Messenger app. They were considering the launch of an official token called GRAM.
However, they faced opposition from the US Securities and Exchange Commission (SEC) in 2020. The opposition forced them to abandon the project and return to investors $1.2 billion raised for the project while still paying at the same time a fine of 18.5 million dollars.
According to the project's website, the TON Foundation is a decentralized community started by developers Anatoliy Makosov and Kirill Emelyanenko after Telegram pulled out of the project.
The risks of such a bot.
As a messaging app, Telegram has over 550 million users so far. Its popularity is largely due to its features such as support for large groups, secret conversations, automatic deletion of messages, and advanced encryption.
Nevertheless, while it is true that Telegram has some great features, they have also made the app a great hunting ground for bad guys looking to rob users in some way.
This is all the more the case today when Telegram wants to be the number 1 platform in the world for cryptocurrency and blockchain enthusiasts. It is obvious that scammers in the field of cryptocurrency will not hesitate to use this new feature to make even more victims.
Cryptocurrency scams on Telegram often originate from scammers posing as cryptocurrency experts. Once they grab the attention of their victims, they guarantee them a return on cryptocurrency investments.
Most of the time, these ill-intentioned individuals will contact you directly on Telegram, although they mostly prefer to use more indirect means like throwing invite links to their crypto channel by commenting on other popular crypto-based Telegram channel currencies.
Know how to be vigilant
Some more meticulous scammers may also offer prizes, giveaways, and sweepstakes related to different cryptocurrencies “for free”. However, in the majority of cases, users are asked to provide personal data, and banking information or even pay a “small amount” of money to receive these prizes or free gifts.
In addition, many hackers do not hesitate to use bots on Telegram to send messages in groups or privately. Very often in the content of these messages, there is enticing information that can give you the impression that you have a chance to win something, and make a profit so you click on the given link.
These are dreadful phishing attacks that can cause you to lose your entire crypto wallet in minutes. Indeed, most of these links in general can generate the acceptance of a transaction which will give rights to the scammer on your wallet or quite simply ask you for information to recover for example the passphrase of your wallet.
With this information, it is possible for anyone to recover your wallet and therefore empty it completely. Therefore, always be careful not to click on a link unless you are sure that it will take you to an official site of crypto or an exchange platform.
Scam and hack attempts in the cryptocurrency industry have increased over this year. It can be consequential and even fatal. We think for example of the hack of the Ronin bridge last March which cost more than 600 million dollars to Axie Infinity.
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