The integration of modern information technology and the Internet has revolutionized traditional online transactions. With discrete, uncentered, multi-network structures, these markets operate in real-time, boasting a highly shared human-machine interface.
According to a new report by blockchain security firm Bitrace, cryptocurrencies, like the emerging Telegram coin, have become increasingly prevalent due to their low cost and lack of licensing requirements for payments and settlements. Yet, this convenience comes with significant risks, as recent findings by Bitrace highlight the financial threats looming in the encryption industry. The report also stated that the Telegram coin exchange robot has many gambler and fraudulent addresses, which might contaminate user addresses. Let’s delve into the report.
The dark side of crypto transactions
Bitrace report revealed that transactions, often facilitated by anonymous networks like Telegram groups and third-party platforms, lack stringent identity checks. Consequently, buyers engage in risky encryption activities, utilizing virtual goods or services. These activities potentially lead to the ‘pollution’ of sellers’ encrypted addresses with illegal gains. This not only compromises the sellers but also other buyers, escalating widespread financial risks.
Moreover, the allure of blockchain ‘good numbers’ drives investors and enterprises to generate unique addresses, symbolizing status or branding. The complexity of generating these numbers varies, from simple home computer operations to requiring advanced computing power for more specific sequences. Providers of these sought-after numbers typically use consistent addresses for collecting TRC20-USDT payments. However, these addresses become susceptible to pollution from high-risk funds, especially when used by online gambling platforms, which, according to Bitrace, is a prevalent issue.
The phishing hazard and Telegram’s exploitation
Another alarming trend is zero transfer phishing, where fraudsters initiate multiple small transfers to unspecified addresses, thereby contaminating the recipient’s transaction records. Upgraded versions of this scam involve generating false addresses with matching tail numbers, enticing significant transfers, and leading to more considerable losses. Service providers creating these addresses face the risk of receiving illicit funds, which could be classified as black or gray property funds.
The expansiveness of the Telegram app has also led to its misuse. Various intelligent bots, crucial for online merchants within the network markets, have been employed for illegal currency exchanges. These bots, capable of automatic currency conversions, are indirectly associated with the service providers’ business addresses. Should these funds be compromised, it risks contaminating the service providers’ addresses as well.
The Bitrace report also considered the case of the Tron address TJS…3333333. The report stated that the address is tied to an anonymous technical service team offering specialized Tron numbers and Telegram bot services. This address, the team’s payment point, has been active since late September 2023 and has processed transactions amounting to about 31681 USDT. According to the report, a majority of these transactions have been linked to risky funds involving activities like gambling and money laundering. The entities interacting with this address, hence, find themselves at risk of having their funds frozen or investigated by law enforcement.
In essence, participants in the anonymous online market risk tying their addresses to high-risk capital risk addresses. This association can lead to investigations or even imposing stringent risk control measures by centralized trading platforms.
Bitrace’s findings underscore the need for vigilance among cryptocurrency users. Engaging in transactions within anonymous online markets might tarnish one’s transactional reputation, potentially leading to severe consequences. The firm has also elucidated that investors should trade in a strong, secure environment.
