Telcoin Token $TEL Plummets Following Major Security Breach
In a shocking turn of events, Telcoin ($TEL) has recently fallen victim to a major security breach, resulting in the apparent theft of millions of $TEL tokens. The incident, which occurred on December 25, 2023, has sent shockwaves through the cryptocurrency community, leaving many to question the security measures of the popular digital asset.
According to recent reports, the breach took place through the Telcoin app, which was compromised by an unknown hacker or group of hackers. The attack resulted in the apparent theft of approximately 7 billion $TEL tokens, which were then converted into $MATIC on the Polygon network.
As news about the Telcoin app breach spread, users flooded social media with their concerns and shared insights about the incident. Many reported that the app is currently inoperable, preventing access to their funds. Some users also experienced complete depletion of their accounts. This turmoil led to the price of $TEL dropping to a new yearly low of $0.00085 USD
In response to the incident, the Telcoin team issued a statement acknowledging the breach and assuring users that they were working diligently to address the issue. "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 news of the breach has caused significant turmoil in the cryptocurrency market, with the value of $TEL plummeting in the wake of the incident. The incident has also raised questions about the security of other digital assets and the need for stronger security measures to protect users' funds.
