Telcoin Loses $1.3M Due to Exploit

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The Telcoin (TEL) token experienced a more than 40% price drop following the discovery of an error in the wallet implementation on the Polygon network.

Peckshield analysts were quick to identify the bug, and the attacker managed to withdraw $1.3 million from affected accounts.

The developers responded by freezing the application on December 25, promptly fixing the bug, and assuring users that only the wallets of those who “never initiated transactions” were impacted.

Plans are in place to restore all affected wallet balances to their previous state before resuming the application, with assurances that no keys, backend systems, or user data were compromised.