Near Protocol’s Rainbow Bridge Successfully Defies Exploit

Hacker Steals $28M From Crypto Exchange Deribit
  • In only 31 seconds, the hackers lost their 5 Ethereum investment.
  • No funds were compromised despite the hacking effort.

Over the weekend, there was yet another effort to break into the Rainbow Bridge of Near Protocol. In a tweet yesterday, Aurora Labs CEO Alex Shevchenko said that the project had effectively repelled this assault, just as it had blocked the previous effort in May.

The Rainbow Bridge connects Near Protocol, Ethereum, and Aurora, a scaling solution on Near that is compatible with the Ethereum Virtual Machine. This allows users to transfer funds across the networks via smart contracts. Anyone, even malicious actors, may engage with smart contracts because of their automated and trustless nature.

Hacker Offered Alternative

Recent Near assaults saw attackers proposing a bogus block on Near early Saturday morning, with a deposit of 5 ETH needed to confirm it. According to Schevchenko, the attacker may have expected a slow response time due to the morning time of the assault.

The CEO stated:

“Automated watchdogs were challenging the malicious transaction, which resulted in an attacker losing his safe deposit.”

In only 31 seconds, the hackers lost their 5 Ethereum investment, equivalent to almost $8,000. No funds were compromised despite the hacking effort.

Schevchenko further added:

“Dear attacker, it’s great to see the activity from your end, but if you actually want to make something good, instead of stealing users’ money and having lots of hard time trying to launder it; you have an alternative—the bug bounty.”

The Rainbow Bridge has been the target of previously attempted bridge hacks, each of which was foiled. These guards were alerted in May when someone tried to break through the bridge. According to a Twitter thread posted by Shevchenko in May, the watchdogs lost 2.5 Ethereum after disputing the fraudulent transaction.

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