Ethereum Alarm Clock Has Been Exploited By Hackers

Because of an abused Ethereum Alarm Clock contract, exploiters received more ETH-denominated reimbursements than anticipated.

The Ethereum Alarm Clock protocol allows users to plan future Ethereum transactions. Its transaction scheduling logic is implemented in smart contracts.

Peckshield, a blockchain security, and analytics company, disclosed the continuing hack earlier this morning.

The attacker begins the vulnerability by using a cancel() method on the Ethereum Alarm Clock contract with an unusually high transaction fee. The exploit happens in the next phase, when the transaction fee refund is computed incorrectly, resulting in a higher payout than planned.

As a result of the increased transaction charge, the exploiter receives a considerably larger ETH return. Under typical conditions, the user invoking the contract would get just a little more than their transaction charge.

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