TEL plunges 40% following Telcoin app exploit

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Crypto platform Telcoin has seemingly skilled a major safety breach, ensuing within the obvious theft of thousands and thousands of TEL tokens.

Though the character of the exploit stays unclear, hackers have managed to withdraw thousands and thousands of TEL tokens, nosediving the token’s value by 40% to $0.0013, in accordance with CoinGecko data. In an X submit on Dec. 26, Telcoin confirmed points with its Telcoin App, with out elaborating on the matter.

In response to the incident, the corporate has briefly suspended the app’s utilization to conduct an intensive investigation. The challenge’s workforce reassured customers that they’re engaged on resolving the problem, promising to supply updates as quickly as attainable.

In response to blockchain analytics agency PeckShield, the variety of losses reached the $1.3 million mark because the hacker apparently stole over $1.1 million price of Polygon (MATIC) and greater than $84,000 price of Ethereum (ETH). As of press time, the stolen funds stay within the hacker’s wallet.

TEL plunges 40% following Telcoin app exploit - 1
Telcoin hacker’s portfolio | Supply: Etherscan

Based in 2017, Telcoin is a blockchain-based platform geared toward offering monetary providers to the unbanked populations. By integrating with present cell networks, Telcoin seeks to allow customers to ship and obtain digital funds by means of their cell units utilizing the TEL token.

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