Telcoin App Suspension

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.

PeckShield Confirms Exploit

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.

Impact on Telcoin

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.