Telcoin Reimburses Users for Stolen Assets
Crypto company Telcoin has completely compensated its users for losses ($1.2 million) incurred from an application breach at the end of 2023 due to a technical vulnerability. The issue originated from a flawed Polygon wallet implementation, but it did not compromise administrative keys.
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Crypto company Telcoin has completely compensated its users for losses ($1.2 million) incurred from an application breach at the end of 2023 due to a technical vulnerability. The issue originated from a flawed Polygon wallet implementation, but it did not compromise administrative keys.
“Making the decision to preemptively restore affected user wallets from our company treasury was a no-brainer, and I’m proud of the team for making that happen in record time,” expressed Telcoin CEO Paul Neuner.
For the tracking and freezing of the stolen assets, Telcoin has been collaborating with law enforcement and cybersecurity specialists. Since resolving the vulnerability and issuing the reimbursements, user deposit levels have surged by 400%.
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