2023-12-26 18:45:31
The price of the Telcoin (TEL) token fell by more than 40% after an error was discovered related to the implementation of the wallet on the Polygon network. Peckshield analysts were among the first to notice the bug.
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#PeckShieldAlert Telcoin $TEL has dropped -41%
Telcoin has suffered an exploit, resulting in a loss of ~$1.3M worth of cryptos pic.twitter.com/LDPZVu05Fv— PeckShieldAlert (@PeckShieldAlert) December 26, 2023
According to researchers, the attacker managed to withdraw funds worth $1.3 million from the affected accounts.
Having learned about the incident, Telcoin developers “froze” the application on December 25. They soon fixed the bug in the software and published a post explaining the situation.
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Update on #Telcoin security incident: We’ve identified the root cause, which was not an issue with the Telcoin Wallet code itself, but with the proxy implementation of the wallet on Polygon — primarily impacting wallets that have never initiated transactions. We have deployed a…
— Telcoin (@telcoin) December 26, 2023
According to them, only the wallets of users who “never initiated transactions” were affected.
“We plan to restore all wallet balances (for all affected assets) to their previous balances before restarting the application, which may take some time. No keys, backend systems or user data were hacked,” project representatives assured.
After the dump, the TEL price rebounded significantly – by 51.9% over the last 24 hours, according to CoinGecko.
Telcoin’s website states that the project creates “low-cost, high-quality financial products for every mobile phone user.”
Earlier, Ledger developers reported that the software library used by decentralized applications had been compromised. The hacker was able to inject malicious code into their interfaces.
Later, the amount of damage to users was revealed – about $600,000.
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