Money Transfer App Telcoin (TEL) Has a Security Problem

The Telcoin (TEL) money transfer application recently encountered a security incident and was expected to lose a large amount of money, causing the TEL Token to decrease by 60%.

Money Transfer App Telcoin (tel) Has A Security Problem_65b974aa2dc0e.webp

Money transfer app Telcoin (TEL) has a security problem

Financial application development company Telcoin (TEL), which specializes in services such as money transfers and international payments, recently faced a system security incident, causing the development team to temporarily shutdown to focus on investigating and fixing the issue.

According to an announcement from security unit PeckShieldAlert, an attacker took advantage of this opportunity to withdraw more than 1.3 million USD from affected user accounts. At the time of writing, the stolen money is still safely in the hacker’s wallet.

This is a serious situation and the company is actively working to fix the issue and provide support and protection to affected users. Updates on the situation will be released once the investigation is complete.

After 12 hours of trying to understand the cause, the project team discovered that the main cause of the problem did not stem from Telcoin Wallet, but instead was due to the wallet’s proxy implementation error on the Polygon network – impact mainly to wallet addresses that have never made transactions on the Telcoin application.

Related: NFT Trader Platform Experiences Security Vulnerability, Hacked for $3 Million

The team’s next plan is to restore all users’ asset balances to their pre-attack state. At the same time, they claim that they have implemented a bug fix to prevent attackers from exploiting it, and promise that neither private keys nor any user data were exposed in this incident.

Chart of Telcoin (TEL)

After Telcoin encountered a problem, the value of the TEL token rapidly decreased by about 65% of its value after this news spread.

money transfer app telcoin tel has a security problem 65b974aa31daf

Chart of the TEL/USDT pair on Tradingview at 1:41 am on December 27, 2023 (UTC)

(100 votes)

5.0/5

(100 votes)

Latest

Bnb Plunges After Being Added To Coinbase’s Listing Roadmap

News | Altcoin | Editor Choice

BNB Plunges After Being Added to Coinbase’s Listing Roadmap

BNB’s price has tumbled sharply in recent days, despite the positive news that the token is set to be listed on Coinbase.

Hyperliquid Leads The $1.4 Billion Token Buyback Wave Sweeping Through Crypto In 2025

News | Altcoin | Editor Choice

Hyperliquid Leads the $1.4 Billion Token Buyback Wave Sweeping Through Crypto in 2025

The year 2025 is witnessing the largest token buyback wave in crypto history, as blockchain projects have spent over $1.4 billion to reduce circulating supply — and Hyperliquid is leading the charge with an unprecedented scale.

Binance Selling Pressure Weighs On Bitcoin

News | Bitcoin | Editor Choice

Binance Selling Pressure Weighs on Bitcoin, But ‘Uptober’ Could Soon Turn the Tide

Despite the ongoing selling pressure, analysts at CryptoQuant believe this is only a short-term correction before Bitcoin’s typical late-October rebound — the so-called “Uptober” — begins.

Binance Completes Gopax Acquisition, Paving The Way For A South Korean Comeback

News | Editor Choice | Policy & Regulations

Binance Completes Gopax Acquisition, Paving the Way for a South Korean Comeback

According to a report from South Korean outlet MK, the world’s largest cryptocurrency exchange Binance has officially completed its acquisition of Gopax, one of the five licensed digital asset exchanges in South Korea.

Why Hyperliquid Is Becoming Unstoppable

News | Altcoin | Editor Choice

After the Crash and Scandal: Why Hyperliquid Is Becoming Unstoppable

Amid record-breaking liquidations and a listing scandal that rocked Binance, Hyperliquid has risen as DeFi’s “fortress of steel” — a living testament to the true power of transparency and decentralization.

Screenshot 2025 09 10 100533