Telcoin Loses $1.3 Million in Security Breach, TEL Price Plummets Over 50%

2023-12-26 04:37:43

Last updated: December 25, 2023 23:33 EST . 1 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.Source: Adobe / zedtoxThe Telcoin app recently faced a series of targeted attacks draining several wallets, causing a sharp 65% decline in the price of Telcoin ($TEL) for a brief period. The exploited vulnerability is estimated to have resulted in a loss of around $1.3 million.

The identified address associated with these security breaches is 0x35d2775e5f95596509951b140d68fc5b9185ff98, as reported by PolygonScan.

Telcoin team is actively investigating the incident and implementing necessary measures to mitigate the damage caused by the exploit.

MetaTrust on-chain monitor, MetaScout, has recently uncovered a series of targeted attacks aimed at the Telcoin wallet $TEL. As a result of these attacks, the price of Telcoin has experienced a sudden and severe 65% decline, causing substantial financial losses estimated at…

— MetaTrust Labs (@MetaTrustLabs) December 26, 2023

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 has assured users that they are aware of the situation and is committed to releasing an update as soon as possible to address the issue and restore normalcy.

The market response to the exploit has been swift, with the price of TEL coin plummeting by over 65% as it traded at $0.00081742. However, at the time of writing, the price of TEL has recovered significantly as it trades at $0.001457, 34% down in the last 24 hrs, as per Coingecko.

Telcoin is currently regulated in Singapore as a Major Payment Institution by the Monetary Authority of Singapore. The firm is also registered and regulated in a number of other global markets, including Canada and Australia, and maintains primary offices in Singapore, Tokyo, Dubai, and Los Angeles.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.