Telcoin issues update on stolen incident: fix deployed to prevent further exploits

Telcoin, a blockchain payment application, has released an update on a theft incident. Telcoin stated that they have identified the root cause of the theft, which is not a problem with the Telcoin wallet code itself, but rather an implementation issue with the wallet on Polygon. This mainly affects wallets that have not yet initiated transactions. We have deployed a fix to prevent further exploitation. We plan to restore all wallets to their previous balances (for all affected assets) before reopening the application service, which may take some time. No keys, backend systems, or user data have been compromised. We will provide another update soon. Thank you for your patience and support.

Previously, Golden Finance reported that Telcoin, a blockchain payment application, experienced a large number of suspicious token operations on Polygon. The suspicious address allegedly stole over 300 million TEL tokens and exchanged them for MATIC. Currently, the official statement indicates that they have understood the situation of the Telcoin application and temporarily frozen its use while investigating the issue.