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Telcoin Acts Fast to Secure Platform Post-Multi-Million Hack

Telcoin has swiftly addressed a $1.2 million exploit on its Polygon-based wallet, ensuring user security and pledging full restoration.
Telcoin Acts Fast to Secure Platform Post-Multi-Million Hack

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

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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.

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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.

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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.

Read Also: Grayscale Investments Reshuffles Board as Barry Silbert Steps Down

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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