Telcoin Lost $1.3 Mln Due to Security Breach, TEL Price Drops Over 50%

The Telcoin app recently experienced a series of targeted attacks that emptied several wallets, causing the price of Telcoin ($TEL) to plummet by 65% in a short period. It is estimated that the exploited vulnerability resulted in losses of approximately $1.3 mln. The Telcoin team is actively investigating the incident and taking 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 assured users that they are aware of the situation and intend to release an update as soon as possible to resolve the issue and restore normal operation.

The market reaction to the exploit was immediate: the price of the TEL coin fell by more than 65% and was trading at $0.00081742. However, at the time of writing, the price of TEL has recovered significantly and is trading at $0.001457, down 34% in the last 24 hours, according to CoinGecko. Telcoin is currently regulated by the Monetary Authority of Singapore as a primary payment institution. The firm is also registered and regulated in a number of other global markets, including Canada and Australia, and has main offices in Singapore, Tokyo, Dubai and Los Angeles.

Image: Publish0x