Ethereum

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.