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.
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.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
