Telcoin App Faces Targeted Attacks and Price Decline
The Telcoin app recently experienced a series of targeted attacks that resulted in the draining of several wallets. As a result, the price of Telcoin (TEL) saw a significant 65% decline for a short period. The estimated loss from these exploits is around $1.3 million.
Investigation and Mitigation Measures
The Telcoin team is actively investigating the incident and taking necessary steps to mitigate the damage caused by the exploit. They have identified the address associated with the security breaches as 0x35d2775e5f95596509951b140d68fc5b9185ff98, according to PolygonScan.
MetaTrust Labs’ on-chain monitor, MetaScout, has discovered a series of targeted attacks on the Telcoin wallet ($TEL). These attacks led to a sudden and severe 65% decline in the price of Telcoin, resulting in significant financial losses.
– MetaTrust Labs (@MetaTrustLabs)
Telcoin Freezes Use of its App
As a precautionary measure, Telcoin has temporarily frozen the use of its application to conduct a thorough investigation into the security breach. The team assures users that they are aware of the situation and will release an update soon to address the issue and restore normalcy.
The market response to the exploit has been swift, with TEL coin’s price dropping by over 65% to $0.00081742. However, as of now, the price has recovered significantly and is trading at $0.001457, a 34% decrease in the last 24 hours according to Coingecko.
Telcoin’s Regulatory Status
Telcoin is regulated in Singapore as a Major Payment Institution by the Monetary Authority of Singapore. It is also registered and regulated in other global markets, including Canada and Australia. The company has primary offices in Singapore, Tokyo, Dubai, and Los Angeles.
Hot Take: Telcoin Faces Security Breach and Price Decline
The Telcoin app recently suffered targeted attacks, resulting in the loss of $1.3 million and a significant decline in the price of TEL coin. Telcoin has taken immediate action by freezing its app to investigate the security breach thoroughly. They are committed to resolving the issue and returning to normal operations soon.
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