Today, the hack of a popular cryptocurrency came to the fore. Telcoin, one of the well-known altcoin projects, witnessed the theft of some TEL coins due to the problem it experienced in the Blockchain application on Polygon. Here is what happened and TEL coin’s reaction to this…
Hack alarm in Altcoin TEL
On December 26, Telcoin’s blockchain payment application on Polygon suffered a major security breach, sparking concerns among users and the broader crypto community. There has been an increase in suspicious token operations after an unidentified address took over 300 million TEL tokens and converted them into MATIC. The suspicious address, 0xDB4B84F0E601e40a02B54497F26E03EF33f3A5b7, prompted an immediate response from Telcoin’s official team, which resulted in a temporary freeze on the application to conduct a thorough investigation.
Telcoin, a blockchain payment application operating on the Polygon network, experienced an unprecedented security incident on December 26. A series of large-scale suspicious token operations organized by address 0xDB4B84F0E601e40a02B54497F26E03EF33f3A5b7 led to the theft of more than 300 million TEL tokens. Disturbingly, these ill-gotten gains were quickly converted into MATIC, further increasing the severity of the violation.
Official response given
In response to the security breach, Telcoin’s official team took immediate action to resolve the situation. Acknowledging the seriousness of the incident, the team released a statement confirming that they were aware of ongoing issues with the Telcoin app at Polygon. To ensure the safety of users and assets, Telcoin took the precautionary step of temporarily freezing the application. This freeze will remain in place as long as the team conducts a thorough investigation to understand the scope of the breach and implement the necessary security measures.
As telcoin users anxiously await further updates, the broader crypto community is being reminded of the ever-present risks in the crypto asset space. The incident highlights the importance of robust security measures and serves as a stark reminder of the need for continued vigilance in the evolving landscape of blockchain technology.
Meanwhile, Telcoin’s price took a hit from the hacking incident. The current price of the coin, which has experienced a 44 percent decrease on a daily basis, is worth $ 0.001282. Time will tell whether the coin will survive this decline in the coming period. The important issue now is whether the vulnerability persists. Following this, users can also act more confidently about TEL. Therefore, the decline in price may end. But only time will tell us. Don’t forget to follow Kriptokoin.com to avoid missing the latest developments!
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