{"id":66642,"date":"2023-12-09T17:28:50","date_gmt":"2023-12-09T21:28:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66642"},"modified":"2023-12-09T17:30:06","modified_gmt":"2023-12-09T21:30:06","slug":"smart-contract-exploit-leads-to-188k-loss-in-time-token","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/smart-contract-exploit-leads-to-188k-loss-in-time-token\/","title":{"rendered":"Smart Contract Exploit Leads to $188k Loss in TIME Token"},"content":{"rendered":"\n

According to CertiK, a recent exploit <\/a>of the TIME token resulted in a potential loss of approximately $188,000. <\/p>\n\n\n\n

\"Smart
Smart Contract Exploit Leads to $188k Loss in TIME Token<\/figcaption><\/figure>\n\n\n\n

The exploiter started the attack by exchanging 5 ETH for Wrapped Ether (WETH) and trading it for more than 3.4 billion TIME tokens<\/a>. The modification of the Forwarder contract, which is intended to carry out transactions from any address, was the primary cause of the exploit, according to CertiK experts. <\/p>\n\n\n\n

The attacker created a request with a corresponding signature and a fictitious sender address that they controlled. This false request made it through the verification phase of the Forwarder contract.<\/p>\n\n\n\n

Using a parsing error, the attacker could trick the TIME contract into accepting a attacker-controlled address\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> as authentic. Consequently, instead of burning tokens at the targeted address, the TIME contract mistakenly burned many tokens from the attacker-controlled target pool.<\/p>\n\n\n\n

The token pool was drastically reduced due to the attacker burning approximately 62 billion TIME tokens. Afterward, the tokens were traded for a sizeable quantity of WETH, which was later converted back to ETH, with a portion of the proceeds going toward a bribe.<\/p>\n\n\n\n

This event draws attention to the fundamental flaws in smart contracts<\/a>, where even a small mistake can result in significant financial losses. <\/p>\n","protected":false},"excerpt":{"rendered":"

According to CertiK, a recent exploit of the TIME token resulted in a potential loss of approximately $188,000. The exploiter started the attack by exchanging 5 ETH for Wrapped Ether (WETH) and trading it for more than 3.4 billion TIME tokens. The modification of the Forwarder contract, which is intended to carry out transactions from […]<\/p>\n","protected":false},"author":43,"featured_media":66644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[2156,451,17538],"class_list":["post-66642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-exploit","tag-smart-contract","tag-time-token"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/croc_1702156756910.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66642"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66644"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}