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

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

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.

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