Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Telcoin Updates Users on Service Suspension; No Mention of $1.3M Hack

Telcoin Updates Users on Service Suspension; No Mention of $1.3M Hack

CoineditionCoinedition2023/12/29 10:13
By:Abdulrasaq Ariwoola
  • Telcoin shared an update on the service suspension on its platform. 
  • The team confirmed it has successfully fixed the issues, and services will resume soon. 
  • The update failed to mention the $1.3 million hack raised by PeckShield.

Days after suspending activities on its platform, the decentralized finance (DeFi) platform Telcoin broke its silence today as it issued an update to its customers on the recent security incident.In a post shared on X (formerly Twitter), the Telcoin team announced having made headway with the issues, stating,

We have internally confirmed our assessment of the situation and that our fix was successful.

Furthermore, the team confirms plans to resume operations on its platform once wallets are returned to their original balances. In addition, Telcoin promised a more detailed explanation of the incident once services were restored. 

The update, which is the first since December 26 , once again failed to mention the alleged breach on its platform. In the December 26 update, Telcoin blamed the suspension on a technical breach resulting from issues with the proxy implementation of wallets on Polygon

Furthermore, the recent update also failed to address PeckShield’s reports of an exploit on the platform. Importantly, the cybersecurity firm disclosed that Telcoin suffered a $1.3 million exploit in the early hours of December 25. 

Responding to this, a user on X, “TheBlockTake,” speculated that the plan by Telcoin will include reversing unauthorized transactions, reimbursing customers from their insurance claims, and returning services to a time before the hack. 

Meanwhile, Telcoin (TEL) continues to see a sell-off from investors. At press time, the token is down 33.9% in the past seven days, data from CoinGecko reveals. However, the token is up marginally in the past 24 hours, suggesting that the update from Telcoin has had little effect on investors. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Honda prepares to send its hydrogen tech to space

Share link:In this post: Honda is working with Sierra Space and Tec-Masters, two space technology companies, to try their high-differential pressure water electrolysis system. Honda aims for hydrogen to help it get all of its cars off carbon by 2040. Honda says it will work with NASA to get the equipment to the ISS on Sierra Space’s Dream Chaser space plane.

Cryptopolitan2025/04/04 19:12

ETH just had lowest quarterly return since Q2 2022: Blockworks Research

The network is at a “pivotal juncture,” Blockworks Research’s Marc-Thomas Arjoon said

Blockworks2025/04/04 18:22
ETH just had lowest quarterly return since Q2 2022: Blockworks Research