Telcoin Temporarily Freezes Use of Decentralized Remittance App Following $1,300,000 Exploit
Remittances-focused crypto project Telcoin (TEL) is offering an update after a cybersecurity breach that resulted in the loss of funds.
The remittances crypto project says that it is “aware of the situation with the Telcoin App” and has consequently “frozen use of the app.”
According to cybersecurity firm PeckShield, Telcoin suffered an exploit that resulted in the loss of crypto assets worth approximately $1.3 million.
Telcoin is trading at $0.00168 at time of writing, down by 37% over the past 24 hours.
On the next course of action for the affected wallets, the remittances-focused crypto project says,
“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 fix to stop further exploitation.
We plan to restore all wallets to their previous balances (for all affected assets) prior to turning the app service back on, which may take some time.”
According to Telcoin, no keys, backend systems, or user data were breached.
Besides enabling users to send money in fiat currencies to over a dozen countries around the globe, the Telcoin App also allows users to “deposit, send, receive, withdraw, and trade a variety of digital assets” through a decentralized liquidity network running on the Ethereum layer-2 platform Polygon (MATIC).
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