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Telcoin has resolved the issue, but they have not provided any information regarding the $1.3 million loss

A few days after suspending activity on the decentralized finance (DeFi) platform, the Telcoin team provided details about the security incident. In a post on Telcoin’s social media account on X, it was mentioned that developers have made progress in resolving the issue.

Additionally, the team confirmed plans to resume platform operations shortly after wallets are restored to their original balances. Telcoin also pledged to provide a comprehensive explanation of the incident.

In the initial message from December 26, technical issues were attributed to a gap arising from problems with the implementation of wallet proxy servers on Polygon. However, the post made no mention of the $1.3 million theft.

In light of this, an X user inquired whether Telcoin’s plan would include the reversal of unauthorized transactions, compensating customers for their insurance claims at the time of the breach.

Meanwhile, the sell-off of Telcoin (TEL) by investors continues, with CoinGecko data indicating an 8% loss on December 28, and weekly losses exceeding 40%.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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