TEL plunges 40% following Telcoin app exploit
Crypto platform Telcoin has seemingly experienced a significant security breach, resulting in the apparent theft of millions of TEL tokens. Although the nature of the exploit remains unclear, hackers have managed to withdraw millions of TEL tokens, nosediving the token’s price by 40% to $0.0013, according to CoinGecko data. In an X post on Dec. 26, Telcoin confirmed issues with its Telcoin App, without elaborating on the matter. 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) December 25, 2023 In response to the incident, the company has temporarily suspended the app’s usage to conduct a thorough investigation. The project’s team reassured users that they are working on resolving the issue, promising to provide updates as soon as possible. You might also like: Major crypto hacks of 2023: how industry lost ov...