Telcoin has added support for WBTC-related services on the Telcoin App, allowing users to store, send, and trade WBTC on Polygon.

Telcoin has announced that it has restored all user balances following an exploit that resulted in $1.2 million worth of funds being transferred out of some users' accounts. Telcoin's founder and CEO, Paul Neuner, stated that the decision to restore affected user wallets from the company treasury was an easy one to make. The exploit occurred due to a fault in the interaction between Telcoin’s digital wallet and a proxy contract, but no admin keys were leaked, meaning the broader Telcoin ecosystem remained unaffected. Following the restoration of services, deposits increased by over 400% compared to the previous month.

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.

According to BlockBeats news on December 26, Telcoin, a blockchain payment application, suffered a vulnerability attack and lost approximately $1.3 million. Its token TEL fell by 43.25% in 24 hours. Currently, Telcoin has temporarily frozen the use of the application.