Telcoin Restores User Balances After $1.2M Exploit

Bitget App

Trade smarter

Cointime2024/01/12 09:52

By:Cointime

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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block•2025/01/30 21:34