Telcoin (TEL) Ticket Drops 37% Following $1.3 Million Exploit
The decentralized finance (DeFi) platform Telcoin suffers from a $1.3 million exploit attributable to the points with the proxy implementation of the pockets on Polygon. No matter the vacation season, the monstrous actors refuse to rob a break. In 2023, monstrous actors stole over $1.7 billion value of crypto belongings. And the rampage has continued
The decentralized finance (DeFi) platform Telcoin suffers from a $1.3 million exploit attributable to the points with the proxy implementation of the pockets on Polygon.
No matter the vacation season, the monstrous actors refuse to rob a break. In 2023, monstrous actors stole over $1.7 billion value of crypto belongings. And the rampage has continued all the scheme via the previous month.
Telcoin Promises to Restore The Wallets of Exploit Victims
Telcoin posted on X (Twitter) to change the users that they’ve deployed a repair to quit hackers from additional exploiting the funds. It claims that the root reason in the support of the exploit became no longer attributable to the Telcoin pockets code, but the topic became with the “proxy implementation of the pockets on Polygon.”
Furthermore, Telcoin wrote;
“We realizing to restore all wallets to their old balances (for all affected belongings) before turning the app service support on, that will moreover honest rob some time. No keys, backend programs, or client info gain been breached. We will provide one other replace rapidly and indulge in all people’s patience and improve.”
Read more: Crypto Venture Security: A Handbook to Early Risk Detection
The blockchain security firm PeckShield estimates that the hackers stole round $1.3 million value of crypto attributable to the exploit. The screenshot under reveals that the value of TEL has dropped by in the case of 37% in the previous 24 hours.
Rug Pull: PIKE Drops to 0
Also on Tuesday, PeckShield posted a few rug pull token, Pike Finance (PIKE), that dropped by nearly 100% in less than a minute. The scammers swapped 220 trillion PIKE tokens for 23.5 Ethereum (ETH)approximately value $52,600.
Equally, on Monday, a scam token – ORDEX plummeted to zero, causing an approximate lack of over $70,000. Such incidents largely happen on tokens with low liquidity and market capitalization.
Read more: What Is a Rug Pull? A Handbook to the Web3 Scam
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