In a turn of events, Telcoin, a decentralised finance (DeFi) platform, suspended its app after cybersecurity firm PeckShield revealed an exploit resulting in approximately $1.3 million in lost crypto assets.
Users initially raised concerns about the app, prompting Telcoin's acknowledgment of the situation and a temporary freeze on app usage for investigation.
Telcoin's official statement lacked specific details, leading users to speculate about a potential hack.
Confirming these suspicions, PeckShield disclosed that Telcoin had fallen victim to an exploit, causing a loss of crypto assets valued at around $1.3 million.
In response to the incident, Telcoin's native token (TEL) experienced a 41% drop as cautious investors withdrew their funds.
Despite the acknowledgment of the exploit, PeckShield did not provide specific information on how the security breach occurred or which cryptocurrencies were compromised.
As a consequence, Telcoin's users and the wider crypto community are left in the dark about the intricacies of the incident.
CoinMarketCap data reveals a 42% decline in TEL's value within the past 24 hours.
The substantial drop occurred during the late hours of the Christmas holiday, with a minor recovery before another decline.
Telcoin's swift action to freeze the app temporarily aims to address the security concerns and investigate the exploit thoroughly.
However, the lack of detailed information from both Telcoin and PeckShield leaves users uncertain about the safety of their crypto assets and raises questions about the overall security measures in place.
As the situation unfolds, TEL's value remains volatile, reflecting the impact of the exploit on investor confidence.
The crypto community awaits further updates and transparency from Telcoin regarding the nature of the exploit and the steps taken to prevent future security breaches.
Explore how Telcoin navigated through a significant security exploit, restoring user balances and witnessing a remarkable surge in deposits. This article delves into the technical aspects of the breach, Telcoin’s effective response, and the implications for the future of cryptocurrency security.
BrianWe will help everyone quickly understand the logic of re-staking and LRT, and dig deeper into projects with lower market capitalization or that have not yet released tokens.
JinseFinanceTelcoin's effective response and recovery from a major security breach underscores the importance of robust security and trust in the digital currency world.
BrianTelcoin overcomes a security challenge, reinforcing its commitment to user security and trust through transparency and enhanced measures.
BrianTelcoin DeFi platform faces a $1.3M crypto asset loss due to an exploit, prompting a halt in app operations. The incident triggers a 42% decline in TEL token value, causing concerns in the broader cryptocurrency market. Telcoin's response and security measures will impact user trust and market sentiment.
Cheng YuanTelcoin, a decentralized finance protocol, recently experienced a security breach, leading to a substantial decline in the price of its native token, TEL. The incident prompted the Telcoin team to temporarily freeze the Telcoin App in response to the breach related to the Polygon (MATIC) wallet application.
BerniceRevenue drawn away from ETH could result in lower staking yields.
BeincryptoThe issue of stablecoins not being stable enough has been mentioned by regulators many times. Regulators worry that the mushrooming of stablecoins, most of which are pegged to the U.S. dollar, may sow the seeds of instability in the overall financial market.
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