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Telcoin (TEL) Plunges 40% Following Telcoin App Exploit
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Telcoin (TEL) Plunges 40% Following Telcoin App Exploit

 

Crypto platform Telcoin has seemingly experienced a significant security breach, resulting in the apparent exploit of millions of TEL tokens.

Although the nature of the exploit remains unclear, hackers have managed to withdraw millions of TEL tokens, nose-diving the token’s price by 40% to $0.0013, according to Coinstats data

Telcoin Price Chart | Source: Coinstats

 

In an X post on Dec. 26, Telcoin confirmed issues with its Telcoin App, without elaborating on the matter.

In response to the incident, the company has temporarily suspended the app’s usage to conduct a thorough investigation. 

The project’s team reassured users that they are working on resolving the issue, promising to provide updates as soon as possible.

According to blockchain analytics firm PeckShield, the number of losses reached the $1.3 million mark as the hacker apparently stole over $1.1 million worth of Polygon (MATIC) and more than $84,000 worth of Ethereum (ETH). 

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As of press time, the stolen funds remain in the hacker’s wallet.

Tecoin Hacker’s Portfolio

 

Founded in 2017, Telcoin is a blockchain-based platform aimed at providing financial services to the unbanked populations. 

By integrating with existing mobile networks, Telcoin seeks to enable users to send and receive digital payments through their mobile devices using the TEL token.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.