According to CertiK, a blockchain security company, the TIME token was hacked, resulting in the theft of about $188,000. The attack began with a criminal converting 5 ETH into Wrapped Ether (WETH), then exchanging it for over 3.4 billion TIME tokens.

CertiK analysts found that the hack was carried out by manipulating the Forwarder contract, designed for transactions from any address. The criminal created a request with a fake sender address under their control and a matching signature, which passed the contract's check.

Due to a vulnerability in syntactic analysis, the TIME contract was deceived and accepted the attacker-controlled address as legitimate. This led to the erroneous burning of a significant amount of TIME tokens from the pool controlled by the attacker, instead of the intended address.

The attacker destroyed over 62 billion TIME tokens, significantly reducing their total quantity. The tokens were then exchanged for a large amount of WETH, which were subsequently converted back into ETH, including funds used for bribery during the attack.

This incident highlights critical vulnerabilities in smart contracts, where even a minor error can lead to significant financial losses.