Telcoin (TEL) price has dropped over 40% in the past 24 hours as the Telcoin app faces an error in the Polygon wallet implementation.
On December 26, Telcoin app users noted a drop in their balances, which was probably caused by an implementation error in the Polygon wallet. The team announced in a post that they are aware of the situation and that the application is temporarily frozen to look into the issue.
Following the issue, the Telcoin token (TEL) price saw a sharp decline of over 40% from $0.002 to $0.0007 – according to market data from Coinmarketcap.
Later in a post, the Telcoin team shared that they had identified the issue and deployed a fix to stop further exploitation.
The team said that there was no issue with the Telcoin wallet but the error was caused by the proxy implementation of the Polygon wallet that impacted “wallets that have never initiated transactions.”
The team also confirmed that the incident did not breach any kind of data and they will restore all wallets to their previous balances by resuming the Telcoin App which may take some time.
While the error was related to wallet implementation, blockchain research firm PeckShield said that it has caused a loss of approximately $1.3 million.
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