{"id":88738,"date":"2023-12-26T21:45:29","date_gmt":"2023-12-26T19:45:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88738"},"modified":"2025-09-13T19:53:10","modified_gmt":"2025-09-13T16:53:10","slug":"telcoin-project-loses-1-3-million-due-to-exploit","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/telcoin-project-loses-1-3-million-due-to-exploit\/","title":{"rendered":"Telcoin project loses $1.3 million due to exploit"},"content":{"rendered":"<p>The price of the Telcoin token (TEL) fell by more than 40% after a bug related to the wallet implementation on the Polygon network was identified. PeckShield researchers were among the first to notice the bug.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\"><a href=\\\"https:\/\/twitter.com\/hashtag\/PeckShieldAlert?src=hash&#038;ref_src=twsrc%5Etfw\\\">#PeckShieldAlert<\/a> Telcoin <a href=\\\"https:\/\/twitter.com\/search?q=%24TEL&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$TEL<\/a> has dropped -41%<br \/>Telcoin has suffered an exploit, resulting in a loss of ~$1.3M worth of cryptos <a href=\\\"https:\/\/t.co\/FS756GaeWo\\\">https:\/\/t.co\/FS756GaeWo<\/a> <a href=\\\"https:\/\/t.co\/LDPZVu05Fv\\\">pic.twitter.com\/LDPZVu05Fv<\/a><\/p>\n<p>\u2014 PeckShieldAlert (@PeckShieldAlert) <a href=\\\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1739492576665944093?ref_src=twsrc%5Etfw\\\">December 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to researchers, the attacker managed to withdraw about $1.3 million from affected accounts.<\/p>\n<p>Following the incident, Telcoin&#8217;s developers on December 25 paused the app&#8217;s operation. They soon fixed the bug in the software and published a post explaining the situation.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Update on <a href=\\\"https:\/\/twitter.com\/hashtag\/Telcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Telcoin<\/a> security incident: We\u2019ve 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 \u2014 primarily impacting wallets that have never initiated transactions. We have deployed a\u2026<\/p>\n<p>\u2014 Telcoin (@telcoin) <a href=\\\"https:\/\/twitter.com\/telcoin\/status\/1739582160053682597?ref_src=twsrc%5Etfw\\\">December 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>They said only wallets of users who \\&#8221;never initiated transactions\\&#8221; were affected.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\n<cite>\\&#8221;We plan to restore the previous balances of all wallets (for all affected assets) before relaunching the application, which may take some time. No keys, backend systems, or user data were compromised,\\&#8221; the project representatives said.<\/cite><\/p><\/blockquote>\n<p>After the dump, TEL&#8217;s price rebounded noticeably \u2014 up 51.9% over the last 24 hours, according to <a href=\\\"https:\/\/www.coingecko.com\/en\/coins\/telcoin\\\">CoinGecko<\/a>.<\/p>\n<p>The Telcoin site states that the project creates \\&#8221;affordable and high-quality financial products for every mobile phone user\\&#8221;.<\/p>\n<p>Earlier, Ledger <a href=\"https:\/\/u1f987.com\/en\/news\/ledger-users-affected-by-hack-of-the-wallet-connector-used-with-dapps\">announced<\/a> a compromise of the software library used by decentralized applications. The hacker was able to inject malicious code into their interfaces.<\/p>\n<p>Later <a href=\"https:\/\/u1f987.com\/en\/news\/ledger-puts-estimated-user-losses-from-recent-breach-at-about-600000\">it emerged<\/a> that the amount of user losses was about $600,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of the Telcoin token (TEL) fell by more than 40% after a bug related to the wallet implementation on the Polygon network was identified.<\/p>\n","protected":false},"author":1,"featured_media":88739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,57],"class_list":["post-88738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=88738"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88738\/revisions"}],"predecessor-version":[{"id":88740,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/88738\/revisions\/88740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/88739"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=88738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=88738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=88738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}