Telcoin suffers hack totaling over a million dollars!
- Telcoin (TEL) experienced a 40% drop in value after an exploit related to the implementation of its wallet on Polygon.
- Over $1.2 million was drained from the affected accounts.
- Telcoin has frozen its application and plans to restore the balances of the affected users.
Details of a Hack Totaling Over a Million Dollars
Telcoin, a company developing financial applications on the Polygon blockchain, has recently fallen victim to a vulnerability that resulted in a 40% drop in the value of its token, TEL.
Over $1.2 million was stolen from user accounts, mainly affecting those who had “never initiated transactions through the application.”
Cause of the Hack and Measures Taken by Telcoin
In response to this exploit, Telcoin quickly froze its application to prevent further losses. Additionally, the team identified the root cause of the exploit, which was related to the “proxy implementation of the wallet on Polygon” and deployed a fix to stop any further exploitation.
Fortunately, no private keys or sensitive data were disclosed during this incident.
“We have deployed a fix to stop any further exploitation. We plan to restore all wallets to their previous balances (for all affected assets) before reactivating the application service, which may take some time.“
– Telcoin stated on X
Telcoin has also announced its intention to restore the balances of the affected wallets to their previous state before reactivating the application service.
