Telcoin’s Response to Security Breach
Telcoin recently faced a significant exploit within its wallet implementation on the Polygon blockchain, resulting in a 40% decline in the value of the Telcoin (TEL) token and the unauthorized withdrawal of over $1.2 million from user accounts.
Telcoin’s Swift Response and Security Measures
Telcoin immediately halted its mobile application to prevent further unauthorized transactions, prioritizing user safety. According to blockchain security firm CertiK alerts, Telcoin was exploited for $1.25 million. Telcoin then provided a detailed explanation of the exploit, clarifying that no private keys, backend systems, or user data were compromised during the incident.
Identifying the Root Cause and Commitment to Restoration
Further investigations revealed that the root cause of the exploit was the wallet’s interaction with the Polygon blockchain. Telcoin has committed to restoring all affected wallets to their previous balances, showing the company’s dedication to its users.
Market Response and Recovery
In response to the exploit, the price of the TEL coin plummeted, but it has since significantly recovered, trading at $0.00149.
Hot Take
As Telcoin addresses this challenge, its swift response sets a commendable standard for risk management in the crypto industry and highlights the ongoing need for heightened vigilance in the crypto landscape.
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