diff --git a/package-lock.json b/package-lock.json
index bc62452..dcb03d9 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -111,15 +111,6 @@
         "url": "https://opencollective.com/babel"
       }
     },
-    "node_modules/@babel/core/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/@babel/generator": {
       "version": "7.22.9",
       "resolved": "https://registry.npmjs.org/@babel/generator/-/generator-7.22.9.tgz",
@@ -192,15 +183,6 @@
         "@babel/core": "^7.0.0"
       }
     },
-    "node_modules/@babel/helper-compilation-targets/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/@babel/helper-create-class-features-plugin": {
       "version": "7.22.9",
       "resolved": "https://registry.npmjs.org/@babel/helper-create-class-features-plugin/-/helper-create-class-features-plugin-7.22.9.tgz",
@@ -224,15 +206,6 @@
         "@babel/core": "^7.0.0"
       }
     },
-    "node_modules/@babel/helper-create-class-features-plugin/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/@babel/helper-create-regexp-features-plugin": {
       "version": "7.22.9",
       "resolved": "https://registry.npmjs.org/@babel/helper-create-regexp-features-plugin/-/helper-create-regexp-features-plugin-7.22.9.tgz",
@@ -250,15 +223,6 @@
         "@babel/core": "^7.0.0"
       }
     },
-    "node_modules/@babel/helper-create-regexp-features-plugin/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/@babel/helper-define-polyfill-provider": {
       "version": "0.4.2",
       "resolved": "https://registry.npmjs.org/@babel/helper-define-polyfill-provider/-/helper-define-polyfill-provider-0.4.2.tgz",
@@ -1636,15 +1600,6 @@
         "@babel/core": "^7.0.0-0"
       }
     },
-    "node_modules/@babel/plugin-transform-runtime/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/@babel/plugin-transform-shorthand-properties": {
       "version": "7.22.5",
       "resolved": "https://registry.npmjs.org/@babel/plugin-transform-shorthand-properties/-/plugin-transform-shorthand-properties-7.22.5.tgz",
@@ -1896,15 +1851,6 @@
         "@babel/core": "^7.0.0-0"
       }
     },
-    "node_modules/@babel/preset-env/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/@babel/preset-modules": {
       "version": "0.1.6",
       "resolved": "https://registry.npmjs.org/@babel/preset-modules/-/preset-modules-0.1.6.tgz",
@@ -4193,15 +4139,6 @@
         "@babel/core": "^7.4.0 || ^8.0.0-0 <8.0.0"
       }
     },
-    "node_modules/babel-plugin-polyfill-corejs2/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/babel-plugin-polyfill-corejs3": {
       "version": "0.8.3",
       "resolved": "https://registry.npmjs.org/babel-plugin-polyfill-corejs3/-/babel-plugin-polyfill-corejs3-0.8.3.tgz",
@@ -6063,15 +6000,6 @@
         "node": ">=0.10.0"
       }
     },
-    "node_modules/eslint-plugin-import/node_modules/semver": {
-      "version": "6.3.1",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-      "dev": true,
-      "bin": {
-        "semver": "bin/semver.js"
-      }
-    },
     "node_modules/eslint-plugin-mocha": {
       "version": "10.1.0",
       "resolved": "https://registry.npmjs.org/eslint-plugin-mocha/-/eslint-plugin-mocha-10.1.0.tgz",
@@ -11100,9 +11028,9 @@
       "dev": true
     },
     "node_modules/semver": {
-      "version": "6.3.0",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.0.tgz",
-      "integrity": "sha512-b39TBaTSfV6yBrapU89p5fKekE2m/NwnDocOVruQFS1/veMgdzuPcnOM34M6CwxW8jH/lxEa5rBoDeUwu5HHTw==",
+      "version": "6.3.1",
+      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
+      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
       "dev": true,
       "bin": {
         "semver": "bin/semver.js"
@@ -12907,14 +12835,6 @@
         "gensync": "^1.0.0-beta.2",
         "json5": "^2.2.2",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "@babel/generator": {
@@ -12971,14 +12891,6 @@
         "browserslist": "^4.21.9",
         "lru-cache": "^5.1.1",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "@babel/helper-create-class-features-plugin": {
@@ -12996,14 +12908,6 @@
         "@babel/helper-skip-transparent-expression-wrappers": "^7.22.5",
         "@babel/helper-split-export-declaration": "^7.22.6",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "@babel/helper-create-regexp-features-plugin": {
@@ -13015,14 +12919,6 @@
         "@babel/helper-annotate-as-pure": "^7.22.5",
         "regexpu-core": "^5.3.1",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "@babel/helper-define-polyfill-provider": {
@@ -13944,14 +13840,6 @@
         "babel-plugin-polyfill-corejs3": "^0.8.2",
         "babel-plugin-polyfill-regenerator": "^0.5.1",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "@babel/plugin-transform-shorthand-properties": {
@@ -14137,14 +14025,6 @@
         "babel-plugin-polyfill-regenerator": "^0.5.1",
         "core-js-compat": "^3.31.0",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "@babel/preset-modules": {
@@ -15839,14 +15719,6 @@
         "@babel/compat-data": "^7.22.6",
         "@babel/helper-define-polyfill-provider": "^0.4.2",
         "semver": "^6.3.1"
-      },
-      "dependencies": {
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
-        }
       }
     },
     "babel-plugin-polyfill-corejs3": {
@@ -17288,12 +17160,6 @@
           "requires": {
             "esutils": "^2.0.2"
           }
-        },
-        "semver": {
-          "version": "6.3.1",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
-          "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
-          "dev": true
         }
       }
     },
@@ -20790,9 +20656,9 @@
       }
     },
     "semver": {
-      "version": "6.3.0",
-      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.0.tgz",
-      "integrity": "sha512-b39TBaTSfV6yBrapU89p5fKekE2m/NwnDocOVruQFS1/veMgdzuPcnOM34M6CwxW8jH/lxEa5rBoDeUwu5HHTw==",
+      "version": "6.3.1",
+      "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.1.tgz",
+      "integrity": "sha512-BR7VvDCVHO+q2xBEWskxS6DJE1qRnb7DxzUrogb71CWoSficBxYsiAGd+Kl0mmq/MprG9yArRkyrQxTO6XjMzA==",
       "dev": true
     },
     "semver-diff": {
diff --git a/src/index.ts b/src/index.ts
index f693a3f..59b01de 100644
--- a/src/index.ts
+++ b/src/index.ts
@@ -111,14 +111,30 @@ function logTracingHeader(response: Response) {
   log.info(`Request tracing with traceID=${response.headers.get("x-web3-correlation-id")}`);
 }
 
-export const promiseTimeout = <T>(ms: number, promise: Promise<T>): Promise<T> => {
-  const timeout = new Promise<T>((_resolve, reject) => {
-    const id = setTimeout(() => {
-      clearTimeout(id);
-      reject(new Error(`Timed out in ${ms}ms`));
-    }, ms);
-  });
-  return Promise.race<T>([promise, timeout]);
+export const promiseTimeout = async <T>(ms: number, promise: Promise<T>): Promise<T> => {
+  let timeoutFunc: ReturnType<typeof setTimeout> | null = null;
+  try {
+    const timeout = new Promise<T>((_resolve, reject) => {
+      timeoutFunc = setTimeout(() => {
+        reject(new Error(`Timed out in ${ms}ms`));
+      }, ms);
+    });
+
+    const result = await Promise.race<T>([promise, timeout]);
+    // promise.race will return the first resolved promise
+    // then we clear the timeout
+    if (timeoutFunc != null) {
+      clearTimeout(timeoutFunc);
+    }
+    return Promise.resolve(result);
+  } catch (err) {
+    // clear the timeout
+    if (timeoutFunc != null) {
+      clearTimeout(timeoutFunc);
+    }
+    // rethrow the original error
+    throw err;
+  }
 };
 
 export const get = async <T>(url: string, options_: RequestInit = {}, customOptions: CustomOptions = {}) => {
diff --git a/tsconfig.json b/tsconfig.json
index 0a31cca..ba52b61 100644
--- a/tsconfig.json
+++ b/tsconfig.json
@@ -1,4 +1,10 @@
 {
   "extends": "@toruslabs/config/tsconfig.default.json",
-  "include": ["src"]
+  "include": ["src"],
+  "ts-node": {
+    "compilerOptions": {
+      "module": "CommonJS",
+      "target": "ES2017"
+    }
+  }
 }