Cryptocurrency project Telcoin has confirmed that a recent security breach impacted its mobile application, leading to a drop of more than 35% in the value of its native TEL coin within the past day.
The incident was first reported on Dec. 25, and the company promptly halted its mobile application usage pending an investigation.
In an update released on Dec. 26, Telcoin mentioned that they had implemented a fix for the issue. The problem was traced back to the proxy implementation of the wallet on the Polygon network, which mainly affected wallets that were yet to initiate any transactions.
Meanwhile, the platform did not disclose specifics of the exploit or the amount lost.
Blockchain security firm CertiK estimated that the project was exploited for around $1.25 million, adding that:
“The exploiter took advantage of un-initialized proxy contracts and initialized them with vulnerable implementations to transfer Telcoins. This contract was not in the scope of the audit conducted by C
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