SECURITY

TON loses assets? Telegram Wallet rumored to lock funds with 50% annualized coin earning, customer service only responds with canned messages

share
TON loses assets? Telegram Wallet rumored to lock funds with 50% annualized coin earning, customer service only responds with canned messages

Telegram has integrated with the TON blockchain, sparking heated discussions in the community recently. Its Telegram Wallet introduced high-yield financial products, which have been praised by certain media outlets and communities, attracting many to invest. However, some members of the community have pointed out that their funds are currently locked in the Telegram Wallet under the pretext of user terms and conditions, leaving them unable to withdraw.

Earlier, there were reports on the suspicious risks associated with the Telegram Wallet. If this issue is not addressed promptly, users may face asset loss in TON. Telegram Wallet has changed its mysterious operator, and the user terms and conditions now default to providing privacy information.

Table of Contents

Telegram Wallet: Earn 50% APY?

Upon opening the Wallet bot in Telegram, you can see a significant APY investment product promotion here: "Earn 50% APY with USDT in Wallet," depositing USDT can share a prize pool of 5 million TON tokens. The promotional period runs from 5/1 to 8/31, with a single wallet limit of 3000 USDT.

It's worth noting that despite the advertised 50% APY, the rewards drop to 25% after two weeks and then to 5% after another two weeks, maintaining for two months.

Playing in the Ton Community: Accounts Locked, Official Response Automated

Recently, voices have emerged in the community where, after submitting KYC information, wallets were restricted due to "verification refusal." Contacting the Wallet account only yielded the response: "Regrettably, the verification has not been successful. Wallet functions will remain limited in accordance with cl. 7 of the User Agreement." According to clause seven of the user agreement, wallet functions will remain restricted.

Clause seven of the user agreement shows that wallets may be restricted if compliance concerns or risks arise.

Furthermore, the account's automated response indicates that identity verification can only be done once and cannot be repeated. This repetition of canned responses has left users who invested in financial products in a state of panic.

Automated response information states that verification can only be done once.

Similar Cases Abroad: Unblocked After a Month

According to information shared by a Reddit user in May this year, after the Telegram wallet implemented KYC policies, assets within the wallet could not be transferred. When attempting to increase the KYC level to "Extended," they were ignored by customer service. After a month of continuous communication in English and Russian, they finally received a response and had the wallet unblocked two weeks later.

Telegram Wallet: Operations Still Murky

Telegram Wallet announced in April this year that it transitioned to operating under WOT Global Solution Ltd. However, apart from what is visible in Telegram announcements and some cryptocurrency media quotes, no relevant information about the registered company can be found.

According to public information, Telegram's founder is based in Dubai, with an engineering team possibly spread across Iran and India; the current Ton-related developers are primarily from Russia, and the application community is distributed in Asia, including China, South Korea, and Taiwan. Utilizing applications in the ecosystem similar to WeChat's "Mini Programs" does not imply security endorsement by Telegram. The team behind and the transparency of the company information are less clear, so caution regarding investment risks is advised.