diff --git a/.pinned b/.pinned
index 8a4794ec89..f7226aed68 100644
--- a/.pinned
+++ b/.pinned
@@ -1,6 +1,6 @@
 bearssl;https://github.com/status-im/nim-bearssl@#667b40440a53a58e9f922e29e20818720c62d9ac
 chronicles;https://github.com/status-im/nim-chronicles@#32ac8679680ea699f7dbc046e8e0131cac97d41a
-chronos;https://github.com/status-im/nim-chronos@#dc3847e4d6733dfc3811454c2a9c384b87343e26
+chronos;https://github.com/status-im/nim-chronos@#ef93a15bf9eb22b3fcc15aab3edaf3f8ae9618a7
 dnsclient;https://github.com/ba0f3/dnsclient.nim@#23214235d4784d24aceed99bbfe153379ea557c8
 faststreams;https://github.com/status-im/nim-faststreams@#720fc5e5c8e428d9d0af618e1e27c44b42350309
 httputils;https://github.com/status-im/nim-http-utils@#3b491a40c60aad9e8d3407443f46f62511e63b18
diff --git a/libp2p/utils/future.nim b/libp2p/utils/future.nim
index 61289af0e4..f5dad68ae3 100644
--- a/libp2p/utils/future.nim
+++ b/libp2p/utils/future.nim
@@ -9,6 +9,7 @@
 
 {.push raises: [].}
 
+import sequtils
 import chronos
 
 type AllFuturesFailedError* = object of CatchableError
@@ -31,3 +32,19 @@ proc anyCompleted*[T](futs: seq[Future[T]]): Future[Future[T]] {.async.} =
 
     let index = requests.find(raceFut)
     requests.del(index)
+
+proc raceAndCancelPending*(
+    futs: seq[SomeFuture]
+): Future[void] {.async: (raises: [ValueError, CancelledError]).} =
+  ## Executes a race between the provided sequence of futures.
+  ## Cancels any remaining futures that have not yet completed.
+  ##
+  ## - `futs`: A sequence of futures to race.
+  ##
+  ## Raises:
+  ## - `ValueError` if the sequence of futures is empty.
+  ## - `CancelledError` if the operation is canceled.
+  try:
+    discard await race(futs)
+  finally:
+    await noCancel allFutures(futs.filterIt(not it.finished).mapIt(it.cancelAndWait))
diff --git a/tests/utils/testfuture.nim b/tests/utils/testfuture.nim
new file mode 100644
index 0000000000..c99c77c8ae
--- /dev/null
+++ b/tests/utils/testfuture.nim
@@ -0,0 +1,57 @@
+{.used.}
+
+# Nim-Libp2p
+# Copyright (c) 2023 Status Research & Development GmbH
+# Licensed under either of
+#  * Apache License, version 2.0, ([LICENSE-APACHE](LICENSE-APACHE))
+#  * MIT license ([LICENSE-MIT](LICENSE-MIT))
+# at your option.
+# This file may not be copied, modified, or distributed except according to
+# those terms.
+
+import ../helpers
+import ../../libp2p/utils/future
+
+suite "Utils Future":
+  asyncTest "All Pending Tasks are canceled when returned future is canceled":
+    proc longRunningTaskA() {.async.} =
+      await sleepAsync(10.seconds)
+
+    proc longRunningTaskB() {.async.} =
+      await sleepAsync(10.seconds)
+
+    let
+      futureA = longRunningTaskA()
+      futureB = longRunningTaskB()
+
+    # Both futures should be canceled when raceCancel is called
+    await raceAndCancelPending(@[futureA, futureB]).cancelAndWait()
+    check futureA.cancelled
+    check futureB.cancelled
+
+  # Test where one task finishes immediately, leading to the cancellation of the pending task
+  asyncTest "Cancel Pending Tasks When One Completes":
+    proc quickTask() {.async.} =
+      return
+
+    proc slowTask() {.async.} =
+      await sleepAsync(10.seconds)
+
+    let
+      futureQuick = quickTask()
+      futureSlow = slowTask()
+
+    # The quick task finishes, so the slow task should be canceled
+    await raceAndCancelPending(@[futureQuick, futureSlow])
+    check futureQuick.finished
+    check futureSlow.cancelled
+
+  asyncTest "raceAndCancelPending with AsyncEvent":
+    let asyncEvent = newAsyncEvent()
+    let fut1 = asyncEvent.wait()
+    let fut2 = newAsyncEvent().wait()
+    asyncEvent.fire()
+    await raceAndCancelPending(@[fut1, fut2])
+
+    check fut1.finished
+    check fut2.cancelled