Coin Edition -
- Telegram becomes a haven for illicit activities due to encryption.
- Toncoin offers Telegram a path to monetization without ads.
- Experts warn crypto could fuel illegal activity on Telegram.
Telegram, the popular encrypted messaging app known for its privacy features, has become a thriving marketplace for illicit goods and services, according to a recent investigation by Fortune Crypto.
The platform’s end-to-end encryption, designed to protect user communications, has inadvertently created a haven for illegal activities, mirroring the anonymity of the dark web.
Telegram’s blockchain project, The Open Network (TON), with its native cryptocurrency Toncoin, has been hailed as a potential solution for monetization while complying with regulations. Cosmo Jiang, an executive at Pantera Capital, a venture capital firm with a significant investment in TON, stated that Toncoin offers “the highest potential to keep its control and monetize.” Jiang also noted that Toncoin is Telegram’s “largest liquid asset on their balance sheet.”
However, skeptics argue that Telegram’s crypto project could exacerbate its illicit activities by allowing bad actors to earn cryptocurrency for their content. David Maimon, a Professor of Criminal Justice and Criminology at Georgia State University, has studied the illegal activities on Telegram extensively. He observed, “Creating a Telegram account is easier than creating a Facebook (NASDAQ:META) account,” and added, “Telegram is now the go-to platform for illicit activities.”
According to the report, Telegram, with over 900 million monthly users, boasts end-to-end encryption that “discloses 0 bytes of user data to third parties, including governments.” This lack of oversight has reportedly turned the platform into a haven for illegal transactions, offering everything from illicit drugs to firearms. For instance, users can easily find channels selling stolen identities or fake credentials.
The rise of illicit activities on Telegram raises important questions about the balance between privacy and security in the digital age. While end-to-end encryption is a valuable tool for protecting user data, it can also be exploited by bad actors. This poses a challenge for platforms like Telegram, which must find ways to address illegal activity without compromising the core principles of privacy and freedom of expression that attract their users.
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