Telcoin Freezes Use of Remittance App After Cybersecurity Breach
Telcoin (TEL), a cryptocurrency project focused on remittances, has provided an update following a cybersecurity breach that resulted in the loss of funds. The Telcoin App has been frozen in response to the situation.
The Exploit and Loss of Funds
According to cybersecurity firm PeckShield, Telcoin experienced an exploit that led to the loss of approximately $1.3 million worth of crypto assets.
Action Steps and Wallet Restoration
Telcoin has identified the root cause of the breach, which was not related to the Telcoin Wallet code itself but rather the wallet’s proxy implementation on Polygon. The project plans to restore all affected wallets to their previous balances before reactivating the app service, which may take some time.
No Breach of Keys or User Data
Telcoin reassures users that no keys, backend systems, or user data were compromised during the breach.
About the Telcoin App
In addition to facilitating fiat currency remittances to over a dozen countries worldwide, the Telcoin App allows users to deposit, send, receive, withdraw, and trade various digital assets through a decentralized liquidity network built on Polygon (MATIC), an Ethereum layer-2 platform.
Hot Take: Telcoin Takes Swift Action After Breach
Telcoin swiftly responded to a cybersecurity breach by freezing the use of its remittance app. The project aims to restore affected wallets and ensure that user balances are returned to their previous state before reactivating the app service. Despite the exploit, Telcoin reassures users that no keys, backend systems, or user data were compromised. This incident highlights the importance of robust security measures in the crypto industry and serves as a reminder for users to remain vigilant when engaging with digital assets.
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