Ethereum

Telcoin

Polygon

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 <p>Remittances-focused crypto project Telcoin (TEL) is offering an update after a cybersecurity breach that resulted in the loss of funds.</p>
 <p>The remittances crypto project says that it is “aware of the situation with the Telcoin App” and has consequently “frozen use of the app.”</p>
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 <p>According to cybersecurity firm PeckShield, Telcoin suffered an exploit that resulted in the loss of crypto assets worth approximately $1.3 million.</p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GCPqVDCaMAA6qsT?format=jpg&amp;name=small" alt="" width="1063" height="499">
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   Source: PeckShield/X
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 <p>Telcoin is trading at $0.00168 at time of writing, down by 37% over the past 24 hours.</p>
 <p>On the next course of action for the affected wallets, the remittances-focused crypto project says,</p>
 <p><i>“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.</i></p>
 <p><i>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.”</i></p>
 <p>According to Telcoin, no keys, backend systems, or user data were breached.</p>
 <p>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).</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/telcoin-temporarily-freezes-use-of-decentralized-remittance-app-following-1-300-000-exploit-tbt74937.html">https://thebittimes.com/telcoin-temporarily-freezes-use-of-decentralized-remittance-app-following-1-300-000-exploit-tbt74937.html</a></p>

Telcoin Temporarily Freezes Use of Decentralized Remittance App Following $1,300,000 Exploit

TheBitTimes

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