Telcoin

Polygon

Recently, Telcoin garnered significant attention from the crypto community due to a temporary freeze of its app on December 26, 2023, at midnight. This action was taken as the company identified certain issues that could potentially harm investors. Several security incidents had already affected <a href="https://news.todayq.com/report-crypto-theft-linked-to-north-korean-hackers-falls-by-80-in-2023/" rel="noopener noreferrer nofollow">numerous investors and crypto business firms</a> in 2023.
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) Telcoin App freeze and investor concerns 
In response to the situation, Telcoin authorities posted an update, highlighting that the issue with the Telcoin Wallet on Polygon was not caused by a problem in the wallet’s code but by a flaw in how the wallet operates on the Polygon network. This particularly impacted wallets that hadn’t conducted any transactions. The authorities stated that the issue has been fixed to prevent further problems.
However, this incident led to a significant price drop of over 40% in the last 24 hours, and since midnight, the price has been consolidating in a tight range. The substantial decrease in the price of TEL resulted in a wipeout of over $1.3 million within a few hours, as highlighted by PeckShieldAlert in his post while addressing the Telcoin community. Restoration efforts and security assurance 
To ensure security, the company is in the process of restoring all affected wallets to their previous balances for all impacted assets. This restoration process might take some time before the app service can be turned back on. Importantly, the Telcoin authorities reassured users that no data, keys, or backend systems were compromised during this incident.
Thecompany expressed gratitude to the blockchain security community for their assistance in addressing this issue. Once the investigation is complete, the company plans to publicly acknowledge their support. Telcoin appreciates everyone’s patience and understanding, and they will provide another update soon. 
As of now, the TEL token is trading near $0.0015, and in the last 24 hours, it has experienced over 40% downside momentum. Additionally, if we examine the TEL coin over a longer period of seven days, it has experienced a decrease of more than 30%, attributed to the recent fault. Despite this, the overall cryptocurrency market is undergoing a bull run, with top cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, and others showing strong bullish momentum.
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Telcoin wallet issues advisory amid 40% price decline

Todayq News

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