Hackers continue to make their way through blockchain with yet another exploit this month.
Ethereum Alarm Clock, a smart contract protocol for scheduling Ethereum transactions to be executed in the future, has reportedly been exploited.
According to the Web3 security firm Supremacy Inc, the hackers stole around 204 ETH worth around $236,000 at the time of writing.
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Based on the tweets shared by blockchain security and data analytics firm PeckShield, hackers have taken advantage of a loophole in scheduled transactions. By manipulating this gap, hackers managed to profit from gas fees, which were returned after canceling transactions. The bug returned greater value of gas fees than hackers have paid, allowing them to collect a profit.
The security firm Supremacy Inc noted that it is surprising how hackers managed to find such an old code to attack.
Interesting attack event, TransactionRequestCore contract is four years old, it belongs to ethereum-alarm-clock project, this project is seven years old, hackers actually found such old code to attack.
After informing about the exploit, PeckShield noted that at that time, at least 24 hackers were attempting to manipulate the transaction cancel function and gain profit.
October so far was marked with a number of hacks. Based on the data shared by Chainalysis on October 13th, in half a month, hackers managed to steal around $718 million. It is the highest amount stolen in one month in 2022.
One of those hacks was performed against the Solana-based decentralized finance (DeFi) platform Mango Markets. It is reported that hackers manipulated Mango’s collateral and stole over $100 million worth of crypto.
