Telcoin Suffers Exploit and Loses $1.2M

The Telcoin (TEL) token witnessed a 40% price decline within the last 24 hours due to an apparent wallet implementation error on Polygon, causing user balances to decrease on the Telcoin mobile application.

This incident, identified as an exploit by blockchain security firm Peckshield, resulted in an exploiter draining over $1.2 million from affected accounts, primarily those of users who had not initiated transactions within the Telcoin application.

Telcoin, focused on developing financial applications like trading and remittance tools on the Polygon blockchain for mobile users, took prompt action by freezing its application during the early Asian hours on Tuesday.

Developers later clarified in a post that the issue stemmed from the application’s interaction with the Polygon blockchain, emphasizing that no private keys or sensitive data were compromised.