Hack Alert For Popular Altcoin: Price Crashed!

Today, a hack of a popular cryptocurrency has come to the fore. Telcoin, one of the well-known altcoin projects, witnessed the theft of some TEL coins with the problem it experienced in the Blockchain application on Polygon. Here's what happened and how TEL coin reacted to it...

Hack alarm on Altcoin TEL

On Dec. 26, there was a significant security breach of Telcoin's blockchain payment app on Polygon, sparking concerns among users and the wider crypto community. There was a surge in suspicious token operations when an unidentified address took over 300 million TEL tokens and converted them into MATIC. The suspicious address, 0xDB4B84F0E601e40a02B54497F26E03EF33f3A5b7, enabled Telcoin's official team to respond immediately, which resulted in a temporary freeze of the application to conduct a thorough investigation.

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

Telcoin, a blockchain payment app that operates on the Polygon network, experienced an unprecedented security incident on Dec. 26. A series of large-scale suspicious token operations orchestrated by the 0xDB4B84F0E601e40a02B54497F26E03EF33f3A5b7 address 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

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 on Polygon. To ensure the safety of users and users, Telcoin has taken the precautionary step of temporarily freezing the app. 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 space. The incident highlights the importance of robust security measures and serves as a clear reminder of the need for constant vigilance in the evolving landscape of blockchain technology.

Meanwhile, Telcoin's price was hit by the hack. The coin, which is down 44% on a daily basis, is currently valued at $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 the TEL. Therefore, the decline in price may come to an end. But only time will tell. Don't forget to follow Kriptokoin.com so you don't miss the latest developments!

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