A major security breach at Telcoin has triggered a crypto loss amounting to $1.3 million, resulting in a sharp 43.25% drop in the value of its TEL token within a single day.
In Brief
Due to the recent hack, Telcoin has experienced a staggering loss of $1.3 million, with its native TEL token suffering a notable decline of 43.25% in just 24 hours.
Decentralized financial platform Telcoin The platform recently fell victim to an attack that led to a distressing loss of around $1.3 million. A detailed report from sources indicates that during the crisis, the TEL token dropped by over 43% in value within a single day. PeckShield Telcoin serves as a decentralized financial platform that empowers users via blockchain technology, with TEL being its unique ERC-20 utility token. Recently, the platform had to pause its services temporarily due to security concerns.
At Telcoin, we prioritize user empowerment, utilizing Mobile Network Operators and Mobile Financial Service Providers to offer decentralized financial solutions tailored for mobile users globally. Ethereum PeckShieldAlert (@PeckShieldAlert) has been actively monitoring the situation and sharing real-time insights.
Telcoin has publicly acknowledged the attack and emphasized that they are working diligently to address the situation, promising updates as they progress.
This latest cybersecurity breach involving Telcoin adds to the growing list of hacking and phishing incidents in the cryptocurrency sector, highlighting the vulnerabilities that even the most reputable platforms face.
From January to July of this year, the cryptocurrency market suffered 145 significant hacking incidents, with a staggering 117 of these tied directly to decentralized finance operations. Collectively, these attacks resulted in approximately $700 million in losses, as detailed by Chainalysis.
In a different incident, another decentralized finance platform known as Raft encountered a hacking event that resulted in a loss of about $3.3 million worth of Ethereum (ETH). In this case, the hacker siphoned off 1,577 ETH and funneled the majority of it (1,570 ETH) to a burn address, effectively destroying those assets.
As Telcoin deals with the repercussions of its recent attack, the larger cryptocurrency ecosystem is currently witnessing a troubling surge in security breaches, which underscores the pressing need for improved protective measures across the industry.
It's essential to clarify that the information shared here should not be viewed as legal, tax, investment, or financial advice. Always invest responsibly and consider seeking independent financial counsel if you have any uncertainties. For more details, consult the terms and conditions as well as help resources provided by the issuer. Metaverse Post aims to deliver honest and precise reporting, but be aware that market conditions can shift rapidly and without notice. hacking Alisa, a passionate journalist at Metaverse Post, focuses on cryptocurrency, zero-knowledge proofs, investments, and the broad Web3 ecosystem. With a knack for spotting emerging trends and technologies, she provides in-depth coverage to keep readers informed in the fast-evolving digital finance arena.
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