Ethereum Alarm Clock Exploited $260,000 In Gas Fees

A flaw in the smart contract code for the Ethereum Alarm Clock service has apparently been exploited, with approximately $260,000 being stolen from the protocol thus far.

As CoinCu reported, hackers were able to exploit a weakness in the planned transaction process, allowing them to profit from recovered gas fees from canceled transactions.

Simply enough, the attackers executed cancel methods on their Ethereum Alarm Clock contracts with exaggerated transaction costs. As the protocol refunds gas fees for canceled transactions, a glitch in the smart contract has been refunding the hackers more gas fees than they originally paid, letting them to pocket the difference.

PeckShield claimed at the time that it has discovered 24 addresses that were abusing the issue in order to receive the alleged rewards.

Supremacy Inc, a Web3 security business, also issued an update a few hours later, pointing to Etherscan transaction history, which revealed the hackers were able to pilfer 204 ETH, valued around $259,800 at the time of writing.

As of now, there has been no word on whether the hack is still happening, if the issue has been fixed, or whether the assault has ended. CoinCu will continue to update the status of this incident.

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Harold

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