Telcoin, a mobile-focused financial application developer, experienced a substantial exploit on its platform. This incident, involving the company’s wallet implementation on the Polygon blockchain, led to an alarming 40% drop in the price of the Telcoin (TEL) token. The exploit resulted in the unauthorized withdrawal of over $1.2 million from user accounts, as confirmed by blockchain security firm Peckshield and discussions on Telcoin’s Discord community forum.
TEL/USD price chart
Telcoin’s Prompt Response to Security Breach
Telcoin acted swiftly in response to the exploit. The company temporarily suspended its application to prevent further unauthorized transactions. In a detailed explanation, the company clarified that the exploit was linked to the wallet’s proxy implementation on Polygon.
Importantly, this issue predominantly affected accounts that had not previously initiated transactions through the companies app. However, the company reassured users that no private key
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