Token

Tornado Cash

Read

Tornado

<div class="cryptonews"> 
 <p class="is-style-lead">According to CertiK, the TIME token was exploited recently, resulting in a loss of approximately $188k.&nbsp;</p> 
 <p>The attack began with the exploiter converting 5 ETH to Wrapped Ether (WETH), and then trading this for over 3.4 billion TIME tokens.</p> 
 <p>CertiK analysts reported that the <a rel="dofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>’s root cause was the manipulation of the Forwarder <a rel="dofollow" title="contract" href="https://thebittimes.com/tag/contract.html">contract</a>, which is designed to execute transactions from any address. The attacker crafted a request with a falsified sender address, which they controlled, and a matching signature. This deceptive req passed the Forwarder <a rel="dofollow" title="contract" href="https://thebittimes.com/tag/contract.html">contract</a>’s verification process.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">#CertiKSkynetAlert <br><br>TIME Token was <a rel="dofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>ed for ~<a rel="dofollow" title="$188k" href="https://thebittimes.com/tag/188k.html">$188k</a> due to a recently disclosed vulnerability around ERC2771 and Multicall<br><br>See our in-depth <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on the TIME <a rel="dofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a> belowhttps://t.co/NF8UPcRPfQ https://t.co/MGDnmFd56d</p>— CertiK Alert (@CertiKAlert) December 8, 2023
   </blockquote> 
  </div>
 </figure> 
 <p>The attacker leveraged a parsing error, where the TIME contract was deceived into recognizing an attacker-controlled address as legitimate. As a result, the TIME contract erroneously burned a massive amount of tokens from the target pool controlled by the attacker, rather than the intended address.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> KyberSwap hacker moves $338k into Tornado Cash 
 </div> 
 <p>The attacker burned over 62 billion TIME <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, leading to a drastic reduction in the <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> pool. The <a rel="dofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s were then exchanged for a substantial amount of WETH, eventually converting these back to ETH, including a portion used for a bribe in the process.</p> 
 <p>This incident highlights the underlying vulnerabilities in smart contracts, where even a minor error can lead to substantial financial losses.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Kronos Research negotiates with hacker over $26m theft 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/smart-contract-exploit-in-time-token-leads-to-188k-loss-tbt73111.html">https://thebittimes.com/smart-contract-exploit-in-time-token-leads-to-188k-loss-tbt73111.html</a></p>

Smart contract exploit in TIME token leads to $188k loss

TheBitTimes

Other articles published on Dec 8, 2023

XRP holders gain advanced security with Uphold Vault launch

Can 1 Inch Crypto Price Advance Further Amid Bullish Spell?

Illuvium Partners with Team Liquid

Blackstone and Digital Realty to Invest $7 Billion in Hyperscale Data Centers Across Europe and N...

Shibarium Hard Fork: SHIB Price Poised for Massive Rally, $0.01 in Sight?

Ethereum and Solana Lead Crypto Rally as Bitcoin Faces Correction

Join our free newsletter for daily crypto updates!