The decentralized finance (DeFi) platform Telcoin has suffered a $1.3 million exploit due to issues with the proxy implementation of its wallet on Polygon. This incident highlights the ongoing activity of malicious actors in the crypto space, with over $1.7 billion in assets stolen in 2023 alone. Telcoin has taken swift action to address the exploit, deploying a fix to prevent further unauthorized access to user funds.
Telcoin has assured its users that no keys, backend systems, or user data were breached during the exploit. The platform plans to restore all affected wallets to their previous balances before resuming its app service. However, this process may take some time. PeckShield, a blockchain security firm, estimates that the hackers made off with approximately $1.3 million in cryptocurrency.
In a separate incident, Thunder Terminal, an on-chain trading platform, successfully thwarted an exploit that targeted 114 wallets on its platform. The attacker demanded an additional ransom for user data, despite Thunder’s assurances that no private keys or wallets were compromised. The total losses from the attack amounted to $240,000, occurring within a brief nine-minute period.
Thunder Terminal, introduced by Eversify Labs, positions itself as a competitor to Telegram trading bots. The platform supports rapid transactions across various blockchain networks, including Ethereum, Solana, Avalanche, and Arbitrum. Thunder has promised impacted users full refunds, 0% fees, and $100,000 in platform credits.
While Thunder claims to have secured user data, the attacker disputes these assurances and asserts possession of all user data. The hacker has demanded a 50 ETH ($110,000) ransom for its deletion. Etherscan data reveals that the hackers’ wallet sent 86.3 ETH to the Railgun protocol for anonymizing transactions.
These incidents serve as a reminder of the increasing prevalence of crypto hacks and the need for robust security measures within the industry. Users are advised to conduct their own research and exercise caution when engaging with cryptocurrencies.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Telcoin, Eversify Labs, PeckShield, Polygon, Thunder Terminal |
| Currencies | Solana, Ethereum, Telcoin |
| Securities | None |
