The Telcoin app recently encountered a series of targeted attacks that led to the depletion of several wallets, resulting in a significant 65% drop in the Telcoin ($TEL) price for a brief period. The exploited vulnerability is estimated to have caused a loss of approximately $1.3 million.

PolygonScan reported the identified address linked to these security breaches as 0x35d2775e5f95596509951b140d68fc5b9185ff98.

The Telcoin team is actively investigating the incident and taking necessary measures to minimize the damage caused by the exploit.

As a precautionary step, Telcoin has temporarily suspended the use of its application to conduct a thorough investigation into the security breach. The team has assured users of their awareness of the situation and commitment to releasing an update as soon as possible to address the issue and restore normalcy.

The market response to the exploit has been swift, with the TEL coin price plunging by more than 65% to $0.00081742. However, as of the current writing, the TEL price has rebounded significantly, trading at $0.001457, reflecting a 34% decrease in the last 24 hours, according to Coingecko.

Telcoin is presently regulated in Singapore as a Major Payment Institution by the Monetary Authority of Singapore. Additionally, the firm is registered and regulated in several global markets, including Canada and Australia. Telcoin maintains primary offices in Singapore, Tokyo, Dubai, and Los Angeles.

As per official statement from Telcoin....

Telcoin is partnered with mobile network operators and mobile money platforms globally to bring fast and affordable DeFi products to international communities.

With more than 5.2 billion active subscribers globally, telecoms have the largest captive audience of retail users that are ready and willing to use mobile financial services in their daily lives. This is evidenced by the rapid growth of mobile money platforms, which now exceed 1.2 billion users generating over US$2 billion in daily transaction volume.