Why is Telcoin (TEL) Price Crashing?

The Telcoin app has become the target of a series of calculated attacks, leading to a significant 65% plunge in the price of Telcoin (TEL) and causing an estimated loss of approximately $1.3 million. The identified vulnerability, exploited in these attacks, has put the Telcoin team on high alert.

Telcoin is actively engaged in investigating the incident, working diligently to understand the extent of the breach, and implementing necessary measures to minimize the impact of the exploit.

As a precautionary step, Telcoin has temporarily suspended the use of its application, opting to conduct a thorough investigation into the security breach. Users are reassured by the Telcoin team that they are fully aware of the situation and are committed to releasing an update promptly to address the issue and restore normal functionality.

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The market response to the exploit was immediate, with the price of TEL coin plummeting by over 65% to $0.0007914. However, a notable recovery has been observed since then. At the time of writing, the price of TEL stands at $0.00132, reflecting a 42% decrease in the last 24 hours, as reported by CoinMarketCap.

Telcoin operates as a major payment institution, regulated by the Monetary Authority of Singapore. Beyond Singapore, the company is registered and regulated in various global markets, including Canada and Australia. Telcoin maintains key offices in strategic locations, including Singapore, Tokyo, Dubai, and Los Angeles.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency