The excitement surrounding the recent launch of Telegram’s self-custodial wallet on the TON blockchain is palpable. This revolutionary integration promises to transform how over 800 million users manage their digital assets. However, as with any new development in the blockchain world, cautionary notes have arisen. Certik, a prominent blockchain security firm, has drawn attention to the potential risks associated with Telegram bot tokens, raising concerns for potential investors.

Certik’s recent analysis delves into the emerging Telegram bot token market, shedding light on the staggering rise in popularity since July 20, 2023. These tokens, which have witnessed gains surpassing 1,000%, have captivated the crypto community. The success of the pioneering UNIBOT token, with its price skyrocketing by nearly 1300% on its listing day, reaching an all-time high of $90, has fueled this trend.

However, Certik’s deep dive raises alarming concerns. Their research suggests that over 40% of the listed bot tokens could potentially be exit scams, a worrisome statistic for those considering investment opportunities. These bot tokens, described as “narrative shape-shifters” that adapt to meme and traditional stories, have captured attention due to the hype surrounding mini-game tokens like HAMS and projects such as PAAL AI.

UNIBOT, the most prominent among these tokens, operates on the Ethereum blockchain, boasting impressive transaction and revenue numbers. However, Certik has raised concerns about UNIBOT’s approach to private key storage, urging those seeking secure options to explore other choices.

In the midst of this emerging landscape, Telegram’s self-custodial wallet on the TON blockchain emerges as a potential game-changer. Notably, it offers users seamless management of crypto assets without the need to switch apps. This integration is expected to significantly boost the use of Telegram bots and apps, with Binance research already indicating that Telegram bots facilitated $250 million in total trades and $10 million in daily transactions.

The user-friendly interface of the wallet, coupled with features such as topping up using a bank card, freedom to choose preferred currency, and seamless execution of crypto trades, makes it a standout choice. TON Space, a unique feature, enables users to send and receive crypto, manage NFT collectibles, and even handle Telegram usernames and DNS. Additionally, the inclusion of a P2P market feature facilitates easy trading of crypto to fiat and vice versa.

Telegram’s association with the TON blockchain has had its fair share of challenges. In May 2020, regulatory pressures led Telegram to discontinue its involvement with TON. However, the recent launch of the self-custodial wallet signals a renewed commitment to TON blockchain. Although US users will not have access to this feature due to regulatory constraints, Telegram aims to onboard 30% of its active users onto the TON blockchain in the next 3-5 years, paving the way for broader adoption of Web3 technology.

While the launch of the self-custodial wallet on the TON blockchain marks a significant milestone in the crypto world, Certik’s analysis serves as a timely reminder for users to exercise caution and conduct thorough research. As the ecosystem evolves, it is crucial to navigate the complex landscape of bot tokens with care and ensure informed decision-making.

At press time, UNIBOT traded at $76.17, signifying the ongoing interest and value in this evolving market.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.