Crypto Platform Telcoin Faces Security Breach, Millions of Tokens Stolen
A security breach has occurred on the crypto platform Telcoin, resulting in the theft of millions of TEL tokens. The exact details of the exploit are still unknown, but hackers were able to withdraw a significant amount of TEL tokens, causing a 40% drop in the token’s price. Telcoin confirmed the issues with its Telcoin App but did not provide further information.
We are aware of the situation with the Telcoin App. We have temporarily frozen use of the app while we look into the issue, and will provide an update as soon as we can.
— Telcoin (@telcoin) December 25, 2023
In response to the incident, Telcoin has suspended the app’s usage and initiated a thorough investigation. The team is actively working to resolve the issue and will release updates accordingly.
Hacker Steals $1.3 Million Worth of Tokens
According to blockchain analytics firm PeckShield, the hacker managed to steal over $1.1 million worth of Polygon (MATIC) and more than $84,000 worth of Ethereum (ETH). As of now, the stolen funds remain in the hacker’s wallet.
Telcoin, founded in 2017, is a blockchain-based platform that aims to provide financial services to unbanked populations. By integrating with mobile networks, Telcoin enables users to make digital payments using the TEL token on their mobile devices.
Hot Take: Telcoin Faces Security Breach, Millions of Tokens Stolen
A significant security breach has occurred on the Telcoin platform, resulting in the theft of millions of TEL tokens. Hackers were able to withdraw a large number of tokens, causing a significant drop in price. Telcoin has taken immediate action by suspending the app’s usage and initiating an investigation. The team is actively working to resolve the issue and promises to provide updates. This incident highlights the ongoing risks associated with crypto platforms and the importance of robust security measures. It also serves as a reminder for users to exercise caution and remain vigilant when engaging with cryptocurrency transactions.
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