In recent news, the TON ecosystem has been hit with a scam alert as numerous projects have emerged with the intention of deceiving investors. With the growing attention on the TON ecosystem, it has become crucial for potential investors to conduct thorough research before making any investment decisions. This warning comes from TON investor @DegenonTON on X, who sheds light on a specific scam process conducted by @Bookpadxyz.
The Scam Process
According to @DegenonTON, @Bookpadxyz initiated a pre-sale on April 3 on the TON network. Once the pre-sale concluded on April 10, they transferred the entire amount of 74,000 Ton to the address EQCNW9Sb4FrFfvvLs5NPGGH9CvO8BOpCw7cI8S3GFF72G806, and subsequently moved the funds to OKX, a cryptocurrency exchange. The transaction details can be viewed on the TON explorer.
Fraudulent NFT Launch
In a further elaborate scheme, @Bookpadxyz launched an NFT with a contract for pre-sale participants on the same day. However, this turned out to be a sophisticated fraud. The contract demanded 1 Ton per mint, leading to errors and resulting in the loss of Ton for participants. The contract address associated with this fraudulent activity is EQAL0PK80s3r-T9Su6Ttgbcn14CDZt8zj5dBjlnO0EHLY_Bw.
Unfilled Promises
Moreover, @Bookpadxyz allowed individuals to claim pre-sale tokens for a fee of 3 TON and amassed a significant amount of TON from participants. However, they failed to fulfill their promise of launching the token on April 11, 2024, at 20:00 UTC. The contract address associated with this failed launch remains unidentified.
In addition to these alarming revelations, @DegenonTON disclosed that @Bookpadxyz had proposed a cooperation opportunity to promote their Initial DEX Offering (IDO). However, due to their lack of transparency, @DegenonTON declined the offer.
Another X user, @damxton, expressed concerns regarding @Bookpadxyz’s actions. He alleged that @Bookpadxyz absconded with the presale funds, raising approximately 74,400 $TON and transferring it all to OKX, totaling over half a million dollars. He further discussed his skepticism regarding marketing deals with new projects and emphasized the importance of conducting due diligence before endorsing any project.
The TON investor community has been advised to exercise caution and thoroughly investigate projects before engaging with them. @damxton stressed the need for transparency and urged influencers to be vigilant when endorsing projects, as their communities often follow their recommendations blindly. He revealed that he declined an offer from @Bookpadxyz to become their ambassador after conducting his own research and finding the project’s onboarding of over 50 ambassadors questionable.
@damxton also shared his concerns about the rising number of scams in the TON ecosystem, acknowledging the difficulty in preventing such incidents completely. However, he called for a collective effort to prevent others from falling victim to similar scams in the future. He expressed his sympathy for those affected by the @Bookpadxyz incident and mentioned ongoing discussions with Ton Foundation team members and OKX to explore possible solutions.
The TON community is advised to exercise caution, ask critical questions, and ensure the transparency of project teams before making any investment decisions. This incident serves as a reminder that due diligence and research are essential in safeguarding investments and preventing scams within the TON ecosystem
