Markets News Report
December 26, 2023

Telcoin Hack Triggers $1.3M Crypto Loss, TEL Token Declines 43.25% in 24 Hours

In Brief

Telcoin hack led to a loss of $1.3 million, with the platform’s native token TEL witnessing a decline of 43.25% within a 24-hour period.

Telcoin Hacked, TEL Native Token Declines 43.25%

Decentralized financial platform Telcoin recently experienced a vulnerability attack, leading to a loss of approximately $1.3 million. According to a report by PeckShield, the platform’s native token TEL witnessed a decline of 43.25% within a 24-hour period.

Telcoin — functioning as a user-owned decentralized financial platform on the Ethereum blockchain with TEL as its native ERC-20 token, has temporarily suspended the application’s usage. 

Powered by Telcoin users, Mobile Network Operators and Mobile Financial Service Providers, the platform offers decentralized financial products to mobile phone users worldwide.

Telecoin stated its ongoing efforts to counter the attack and promises to provide updates as soon as possible.

The cybersecurity incident involving Telecoin adds to the escalating incidents of hacking and phishing attacks in the cryptocurrency landscape, underscoring the vulnerability even of its most well-established names and organizations.

Telecoin Hack Adds to Cryptocurrency Sector’s Vulnerability

Within the current year, only between January and July, the cryptocurrency sector witnessed 145 major hacks, with 117 of them linked to decentralized finance, resulting in losses totaling approximately $700 million, as reported by Chainalysis.

In a recent development, another decentralized financial platform, Raft fell victim to a hacking incident, leading to a loss of around $3.3 million in Ethereum (ETH). The hacker drained 1,577 ETH from Raft and subsequently directed 1,570 ETH to a burn address, effectively destroying the majority of the pilfered assets.

As Telcoin grapples with the aftermath of a vulnerability attack, the broader cryptocurrency landscape faces a surge in hacking incidents, emphasizing the need to reinforce security measures within the industry.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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