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Crypto Hacking News: Exploits and Losses

In the ever-evolving landscape of cryptocurrency, security breaches and hacking incidents have unfortunately become a common occurrence. In the past 24 hours, two prominent tokens have fallen victim to exploitation, resulting in substantial losses for holders. In this latest development, we shine a light on Telcoin (TEL) and Ordinal DEX (ORDEX), detailing the vulnerabilities that were exploited and the losses incurred.

Telcoin (TEL) Exploit:

The first incident involves Telcoin (TEL), a cryptocurrency project that aims to enable fast, affordable, and blockchain-based remittances. According to a tweet from PeckShieldAlert, Telcoin has been subject to an aggressive exploit, resulting in a staggering 41% drop in value. The exploit has led to a loss of approximately $1.3 million worth of cryptocurrencies.

Additionally, PeckShieldAlert warns of phishing activity related to the exploit. Per their tweet, an individual or group known as “LilPudgys” appears to be responsible for the theft. They have reportedly made away with a significant amount of Telcoin, symbolized by its unique identifier, #14052. Another entity, dubbed “PinkDrainer,” is also implicated in the crime.

Ordinal DEX (ORDEX) Rug Pull:

In another disconcerting event, Ordinal DEX (ORDEX), a decentralized exchange, has experienced a complete collapse in value. PeckShieldAlert reveals that the address 0xea81…9e31 has orchestrated a “rug pull.” This means that the perpetrator has made off with a massive amount of ORDEX tokens, swapping a staggering 1 quadrillion tokens for approximately $70.6 thousand worth of Ethereum (ETH).

An important note of caution has been issued by PeckShieldAlert: the rug pull token shares the same name as the legitimate Ordinal DEX tokens. This highlights the need for enhanced due diligence when participating in the cryptocurrency market, as malicious actors can exploit the trust placed in legitimate tokens to deceive unsuspecting investors.

The recent events involving Telcoin (TEL) and Ordinal DEX (ORDEX) serve as stark reminders of the ever-present risks associated with the cryptocurrency ecosystem. Despite significant advancements in security measures, criminals continue to exploit vulnerabilities, causing substantial financial losses for individuals and projects alike.

To protect oneself in this rapidly evolving landscape, it is vital to exercise caution, maintain awareness of potential risks, and practice rigorous due diligence when engaging in cryptocurrency transactions. Furthermore, cryptocurrency projects must invest in robust security systems and implement best practices to protect their users and restore confidence in the market.

As the cryptocurrency ecosystem matures, regulatory efforts, industry collaborations, and innovative security solutions will play a pivotal role in combating malicious activities and fostering a safer environment for all participants.

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