The crypto remittance mobile application Telcoin has suffered an exploit that led to the loss of approximately $1.3 million in digital assets.
According to an X update from the Telcoin team, the security attack affected wallets that have never initiated transactions on the platform.
Telcoin Loses $1.3M in Security Exploit
The Telcoin team announced they were aware of the situation late Monday and temporarily froze the app to resolve the issue.
“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.
During the investigation, the team found that the issue was with the proxy implementation of the wallet on Polygon and not with the Telcoin app itself. A fix has been employed to prevent further exploitation.
No private keys, backend systems, and user data were breached through the exploit. The project’s team intends to restore affected users’ ass
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