Telegram, a popular communications app known for encrypted messaging and calls, has become a prime target for sophisticated malware scams, according to the Web3-focused Scam Sniffer account on X. Sharing data on the platform, Scam Sniffer revealed that scammers on Telegram are now deploying malware instead of traditional phishing tactics.

The app, often considered an alternative to WhatsApp and Signal, offers privacy through encryption, making it attractive for both legitimate users and scammers. Previously, cryptocurrency scams on Telegram relied heavily on phishing techniques involving spoofed web pages and social engineering to extract sensitive information or access to crypto wallets.

However, the latest scam wave employs deceptive tools like fake verification bots, scam trading groups, and so-called “exclusive alpha groups,” as noted by Scam Sniffer. Victims are tricked into installing malware disguised as verification tools. Once installed, the malware can access passwords, wallets, clipboard data, and even browser information, leaving victims highly vulnerable.

Scammers have shifted to malware schemes partly because users are now more aware of traditional phishing tactics. Scam Sniffer pointed out that these new approaches make it harder to trace the source of the scams. The rise in cryptocurrency scams has been dramatic, with data showing over 2000% growth in dedicated scam groups. Bitcoin's soaring value, surpassing $100,000, has made cryptocurrency users more frequent targets.

Telegram has actively banned accounts involved in these scams, but managing the volume of malicious actors remains challenging. The website “Web3 is Going Great,” which tracks Web3-related scams, reports $7.84 million in losses from scams and hacks so far this year.