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Telcoin has restored all user balances just weeks after an exploit that resulted in $1.2 million worth of funds being transferred out of some usersโ accounts, the firm announced in an X message.
๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ ๐ฒ ๐ผ๐ป #๐ง๐ฒ๐น๐ฐ๐ผ๐ถ๐ป ๐๐ฒ๐ฐ๐๐ฟ๐ถ๐๐ ๐ถ๐ป๐ฐ๐ถ๐ฑ๐ฒ๐ป๐: All user wallets have been fully restored and Telcoin Application service has been re-enabled. Please note that your wallet address has been updated. The entire team is grateful for your patience and support,โฆ
โ Telcoin (@telcoin) January 8, 2024
โMaking the decision to preemptively restore affected user wallets from our company treasury was a no-brainer, and Iโm proud of the team for making that happen in record time,โ Paul Neuner, Telcoin founder and CEO, wrote.
In late December, Telcoin, which develops financial applications such as trading and remittance tools for mobile users, was exploited due to an apparent error relating to a wallet implementation on Polygon that caused user balances to drop on the Telcoin mobile application.
The issue apparently occurred due to a fault in the interaction between Telcoinโs digital wallet and a proxy contract.ย
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The proxy incorrectly performed certain storage functions, leading to a technical conflict that allowed for the withdrawal of assets, Neuner said.
No admin keys were leaked, so the broader Telcoin ecosystem remained unaffected by the exploit.
โTelcoin preemptively restored funds from the companyโs treasury while we worked with leading blockchain security experts and law enforcement to freeze and recover stolen funds,โ the company said.
Meanwhile, deposits soared as the quick redressal improved bullish sentiment among users.
โIn the first day since restoring Telcoin App services, we saw over a 400 percent increase in deposits compared to last month, with a ratio of US$3.60 being deposited for every US$1 being withdrawn,โ the company said.
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