TimThumb is discontinued by it´s own creator. After reading about the security flaws I stopped using it. A friend of mine which I helped got attacked by the security flaw so I did not feel good about it happening because I kinda forgot to mention it to him. I helped him flush the bugs out and remove timthumb and replace it with WordPress own thumbnail generation. So now the site is up and running again without troubles.
But back to the topic at hand. Timthumb is no longer supported by the original creator. Having used timthumb in themes I made long long ago it feels weird to hear about it being stopped. But the security flaws of it made me realize it´s a good thing it´s being stopped.
For some curious information and another article about this I suggest you visit wptavern as they have written about timthumb previously.