- The Telcoin App has been hacked.
- The DeFi platform confirmed “the situation” with its app.
- Crypto assets worth over a million are believed to be stolen following the exploit.
Decentralized finance (DeFi) platform Telcoin App is under attack, and funds worth over a million are feared to be missing as the TEL token lost nearly half its value following the reports.
Founded in 2017, Telcoin is an “exceptionally affordable” DeFi platform allowing users to transfer TEL to third parties across 16 countries. The platform also allows users to store and trade digital assets, as well as send and receive fiat remittances.
Telcoin App Suffers an Exploit
On December 26, the Telcoin team shared an alarming message on X (Twitter) in response to complaints raised by users earlier, citing issues with the Telcoin App.
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“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,” the team wrote.
As users speculated that the app had been hacked while decrying for more than a “we know the situation” response, blockchain security platform PeckShield quoted Telcoin’s post, confirming that the app had been exploited for about $1.3 million.
While PeckShield stated that the TEL token had lost 41% of its value following the exploit news, CoinMarketCap data reveals that the token plummeted from $0.002358 to $0.0008175 within five minutes.
The Telcoin team has yet to issue a follow-up update on the matter. At press time, the TEL token had lost 48.32% in the last 24 hours.
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