Telcoin

Polygon

<p class="is-style-lead">Crypto platform Telcoin has seemingly experienced a significant security breach, resulting in the apparent theft of millions of TEL tokens.</p> 
<p>Although the nature of the exploit remains unclear, hackers have managed to withdraw millions of <a href="https://crypto.news/price/telcoin/" target="_blank" rel="noreferrer noopener">TEL</a> tokens, nosediving the token’s price by 40% to $0.0013, according to CoinGecko <a href="https://www.coingecko.com/en/coins/telcoin" target="_blank" rel="noreferrer noopener">data</a>. In an X post on Dec. 26, Telcoin confirmed issues with its <a href="https://crypto.news/tag/telcoin/" target="_blank" rel="noreferrer noopener">Telcoin</a> App, without elaborating on the matter.</p> 
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   <p lang="en" dir="ltr">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.</p>— Telcoin (@telcoin) <a href="https://twitter.com/telcoin/status/1739394228361310678?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 25, 2023</a>
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<p>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.</p> 
<p> You might also like: <a href="https://crypto.news/biggest-crypto-hacks/"> Major crypto hacks of 2023: how industry lost over $1b within minutes </a> </p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#PeckShieldAlert</a> Telcoin <a href="https://twitter.com/search?q=%24TEL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$TEL</a> has dropped -41%<br>Telcoin has suffered an exploit, resulting in a loss of ~$1.3M worth of cryptos <a href="https://t.co/FS756GaeWo" target="_blank">https://t.co/FS756GaeWo</a> <a href="https://t.co/LDPZVu05Fv" target="_blank">pic.twitter.com/LDPZVu05Fv</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1739492576665944093?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 26, 2023</a>
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<p>According to blockchain analytics firm PeckShield, the number of losses reached the $1.3 million mark as the hacker <a href="https://x.com/Altcoin_Hero_/status/1739350597873074393?s=20" target="_blank">apparently</a> stole over $1.1 million worth of Polygon (MATIC) and more than $84,000 worth of Ethereum (ETH). As of press time, the stolen funds remain in the <a href="https://etherscan.io/address/0x35d2775e5f95596509951b140d68fc5b9185ff98#multichain-portfolio" target="_blank" rel="noreferrer noopener">hacker’s wallet</a>.</p> 
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  Telcoin hacker’s portfolio | Source: Etherscan
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<p>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.</p> 
<p> Read more: <a href="https://crypto.news/tool-used-in-ledger-hack-altering-file-domains-since-november/"> Tool used in Ledger hack altered file domains since November </a> </p>

TEL plunges 40% following Telcoin app exploit

crypto.news

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