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Telcoin Faces Security Breach
2 months ago 1 min read

Telcoin Faces Security Breach: Users Lose $1.2 Million in Exploit

Telcoin, a developer of mobile-centric financial applications, recently suffered a security breach that resulted in the loss of over $1.2 million from user accounts. Peckshield, a blockchain security firm, discovered the flaw, which was reported by members of the Telcoin Discord community forum. The attack had a significant impact on Telcoin’s native token, TEL, causing around a 42% drop in its price due to a glitch in the company’s Polygon blockchain wallet. Telcoin quickly responded to the exploit by suspending its app to prevent further fraudulent transactions. The vulnerability was traced back to the wallet’s proxy implementation on Polygon, affecting