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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 keys or sensitive data were compromised during the breach.
Root Cause and Solution
Further investigations revealed that the root cause was not within the Telcoin Wallet code itself. Instead, it was associated with the wallet’s interaction with the Polygon blockchain. Telcoin’s development team worked diligently to identify and rectify this flaw.
They successfully deployed a fix to halt any further exploitation of this vulnerability. This prompt and effective response highlights the company’s security and user protection commitment.
Restoration of User Balances
Moreover, Telcoin has pledged to restore all affected wallets to their previous balances. This commitment underscores the company’s dedication to its users and the integrity of its platform. Telcoin’s proactive approach in handling this situation demonstrates its resilience and reliability in the face of cyber threats.
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