The Telcoin (TEL) Token Price Falls by 40% Post Exploit

Summary

The Telcoin (TEL) token’s price fell by a concerning 40% after a significant platform vulnerability was discovered, leading to over $1.2 million being stolen from users’ accounts. Telcoin reacted quickly by suspending the app temporarily to prevent further fraudulent transactions. The vulnerability was associated with the wallet’s proxy implementation on the Polygon blockchain. The issue was resolved promptly, and Telcoin pledged to return the funds to impacted wallets.

Introduction

A concerning incident occurred at Telcoin, a developer of mobile-focused financial applications, when a significant platform vulnerability was discovered. Peckshield, a blockchain security business, and the Telcoin Discord community forum confirmed that this vulnerability resulted in users losing over $1.2 million from their accounts. As a result, the Telcoin (TEL) token’s price dropped by 40%.

Main Points

• The Telcoin app was temporarily suspended to prevent further fraudulent transactions after the exploit was discovered. The vulnerability was related to the wallet’s proxy implementation on the Polygon blockchain.
• The majority of affected accounts were those that had never used the Telcoin app for transactions before. Telcoin assured customers that no private keys or sensitive data were compromised during the incident.
• The issue was resolved, and a fix was implemented to prevent future exploitation. Telcoin showcased its commitment to user safety and information security through its swift response.
• Telcoin pledged to return the funds in impacted wallets to their original amounts, demonstrating its dedication to its users and platform integrity.
• Despite the resolution, the price of the TEL token is still down by 35.65% in the last 24 hours, trading at $0.001512, according to data from CoinMarketCap.

Conclusion

Telcoin experienced a significant platform vulnerability that resulted in users losing over $1.2 million from their accounts. The company promptly suspended the app to prevent further fraudulent transactions and resolved the issue. Telcoin reassured users that no private keys or sensitive data were compromised. It has also pledged to return the funds to impacted wallets. However, the price of the TEL token has suffered a significant drop. Telcoin’s quick and efficient response demonstrates its commitment to user safety and information security.

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