Telcoin Faces Security Breach, TEL Price Plummets

In a recent incident, decentralized finance protocol Telcoin fell victim to hackers, resulting in a significant drop in TEL prices.

Key Points:

1. Telcoin App Freeze: The Telcoin team, acknowledging the platform's security issue, promptly froze the Telcoin App in response to the breach.
2. Polygon Wallet Compromise: User balances within the Telcoin mobile application decreased following a breach associated with the Polygon (MATIC) wallet application.
3. Code Clarification: The team clarified that the issue did not stem from Telcoin Wallet's code but rather from the wallet's proxy application in Polygon, primarily affecting wallets that had not initiated transactions.
4. Data Security: Assuring users, the team stated that no private keys or sensitive user data were compromised during the security incident.
5. Recovery Plan: Telcoin plans to restore all wallets to their previous balances before reopening the app service, emphasizing that the process may take some time.
6. Token Price Impact: Following the security breach, Telcoin's native token, TEL, experienced a sharp decline of over 50%. Although TEL recovered, it currently trades at $0.001925, reflecting a 15% decrease at the time of writing.

Telcoin assures users of ongoing efforts to address the security incident, appreciating the support from the blockchain security community. As investigations continue, Telcoin aims to restore normalcy and express gratitude publicly to those who assisted in resolving the issue.