Telcoin Loses $1.3M in Security Exploit
The crypto remittance mobile application Telcoin recently experienced a security exploit that resulted in the loss of approximately $1.3 million in digital assets. The Telcoin team discovered the issue and temporarily froze the app to address the problem.
“We are aware of the situation with the Telcoin App. We have temporarily frozen use of the app while we look into the issue, and will provide an update as soon as we can,” the Telcoin team said.
The investigation revealed that the exploit was related to the proxy implementation of the wallet on Polygon, rather than an issue with the Telcoin app itself. The team has implemented a fix to prevent further exploitation and assures users that no private keys, backend systems, or user data were compromised.
“We will provide another update soon and appreciate everyone’s patience and support. The Telcoin team is grateful for assistance from the blockchain security community, and will be thanking them publicly once we complete our investigation,” the team explained.
TEL Slumps 40%
On-chain data shows that approximately $1.3 million worth of assets were stolen, including 37 Ether (ETH) and over 1.3 million Polygon (MATIC). Following the exploit, TEL, Telcoin’s native token, experienced a significant drop of 40% in value. However, it has since recovered slightly and is currently trading around $0.0015.
This incident adds Telcoin to the list of crypto platforms that have been exploited in December. Just weeks ago, decentralized exchange OKX was hacked, resulting in a theft of $424,000 in various cryptocurrencies.
Hot Take: Telcoin’s Security Exploit Highlights Ongoing Risks in the Crypto Space
The recent security exploit suffered by Telcoin serves as a reminder of the ongoing risks and vulnerabilities present in the crypto space. Despite efforts to enhance security measures, hackers continue to find ways to exploit weaknesses and steal valuable digital assets.
While Telcoin has taken immediate action to address the issue and restore affected users’ assets, incidents like these can have a significant impact on investor confidence and token value. It is crucial for crypto projects to prioritize robust security protocols and regularly update their systems to stay ahead of potential threats.
As the crypto industry evolves, it is essential for users to remain vigilant and take necessary precautions to protect their assets. This includes using secure wallets, implementing strong authentication methods, and staying informed about potential security risks.
By learning from incidents like the Telcoin exploit, the crypto community can work together to build a safer and more secure ecosystem for all participants.
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