Telcoin, the blockchain-based financial services provider, has fallen victim to a significant security breach. Recent reports revealed that hackers successfully executed a breach resulting in the theft of millions of TEL tokens, causing a 40% fall in the token’s value to $0.0013.
The exact details of the exploit are yet to be unveiled, but the results are evident. Telcoin acknowledged the incident in an official statement on December 26, highlighting issues with its Telcoin App. However, the statement did not delve into the specifics of the breach.
In response to the security breach, Telcoin has taken the measure of temporarily suspending the usage of its app. The company is now actively engaged in an investigation to confirm the extent of the breach and the vulnerabilities that led to this unfortunate incident. Users have been assured that the team is diligently working to resolve the issue and can expect timely updates.
Blockchain analytics firm PeckShield has shed light on the financial toll of the breach, estimating losses at a staggering $1.3 million. At present, the pilfered funds remain securely tucked away in the hacker’s wallet.
Established in 2017, Telcoin envisioned providing financial services to people who don’t have access to banks or bank accounts by leveraging blockchain technology. The platform integrates seamlessly with existing mobile networks and enables users to facilitate digital payments using the TEL token through their mobile devices.
Just 2 months ago Telcoin introduced a new era for the telecommunications industry with its Telcoin Platform. This innovative platform is the result of Telcoin’s mission to create a global blockchain network and token standard customized for Mobile Network Operators (MNOs) and the wider telecom sector. Telecoin recently shared a Twitter post announcing the launch of their next-generation Telcoin Platform, which marks the beginning of a new era of decentralized telecom solutions.
