Telcoin founder: Company funds have been used to restore user wallet balances damaged in security incidents

Telcoin said today that it has restored all user balances weeks after being previously attacked and losing $1.2 million in funds. Telcoin founder and CEO Paul Neuner said: "The decision to be the first to recover affected users' wallets from company funds was an obvious one, and I am proud of the team for doing this in such a short period of time." It is reported that the problem is caused by an interaction error between Telcoin’s digital wallet and the agency contract. Neuner said the agent incorrectly performed certain storage functions, causing a technical conflict that allowed attackers to extract assets. No administrator keys were compromised, so the broader Telcoin ecosystem was not affected by this vulnerability. The company said that on the first day of resumption of Telcoin App services, deposits on the platform increased by more than 400% compared to the previous month. (CoinDesk) It was reported on December 26 last year that Telcoin was attacked and lost approximately US$1.2 million.