Hours after DeFi platform Telcoin suspended activities on its app yesterday, cybersecurity firm PeckShield revealed that it had suffered an exploit that resulted in the loss of crypto assets worth around $1.3 million.
Late yesterday, Telcoin’s team confirmed that there were troubles with their app. This followed several complaints by users who raised the issue in response to earlier posts by the platform.
“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 team tweeted.
While the post from the team failed to give specific details, users speculated that the app had been hacked. Confirming these suspicions, PeckShield posted that Telcoin suffered an exploit that resulted in the loss of around $1.3 million worth of cryptoassets.
The cybersecurity firm noted that Telcoin (TEL) subsequently dropped 41% as weary investors existed with their money. However, PeckShield failed to specify how the exploit was carried out and what cryptos were stolen from the platform.
Data from CoinMarketCap shows that TEL lost 42% of its value in the past 24 hours. The decline came in the late hours of the Christmas holiday, but the token saw a slight recovery before slumping again.
At the time of press, the token is exchanging hands at $0.001192. TEL’s trade volume saw a staggering uptick in the same period. The trade volume jumped 2775% after registering over $28 million in trades.
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