The Telcoin app recently experienced a series of targeted attacks that resulted in the draining of several wallets. This incident caused a sharp 65% decline in the price of Telcoin ($TEL) for a brief period. The exploited vulnerability is estimated to have resulted in a loss of approximately $1.3 million. According to PolygonScan, the identified address associated with these security breaches is 0x35d2775e5f95596509951b140d68fc5b9185ff98.
Investigation and Mitigation Measures
The Telcoin team is actively investigating the incident and implementing necessary measures to mitigate the damage caused by the exploit. As a precautionary measure, Telcoin has temporarily frozen the use of its application to conduct a thorough investigation into the security breach. The team has assured users that they are aware of the situation and are committed to releasing an update as soon as possible to address the issue and restore normalcy.
Market Response and Recovery
The market response to the exploit has been swift, with the price of Telcoin (TEL) plummeting by over 65% to $0.00081742. However, at the time of writing, the price of TEL has recovered significantly, currently trading at $0.001457, a 34% decrease in the last 24 hours, as reported by Coingecko.
Telcoin is currently regulated in Singapore as a Major Payment Institution by the Monetary Authority of Singapore. Additionally, the company is registered and regulated in several other global markets, including Canada and Australia. Telcoin maintains primary offices in Singapore, Tokyo, Dubai, and Los Angeles.
