Rainbow Bridge Defends an attack, Hacker loses 5ETH

CEO of Aurora Labs, Alex Shevchenko, on Monday informed that the NEAR-ETH Rainbow Bridge defended an attack over the weekend resulting in the hacker losing 5ETH.

Shevchenko claimed that the attack was mitigated automatically within 31 seconds, showcasing a highly adequate defense mechanism to protect usersā€™ funds within the bridge.

Rainbow Bridge Aurora Labs

The Rainbow Bridge authorizes users to move $ETH, $NEAR, and ERC-20 tokens between networks. However, the bridge is based on trustless premises with no selected middleman to transfer messages or assets between chains. These assumptions suggest that anyone can interact with smart contracts with bad intentions.

Also read, Nomad Bridge has retrieved $36 Million after exploit

However, bad actors can not submit incorrect details due to the need for a consensus of NEAR validators. Further Shevchenko continued in his series of tweets by mentioning that a forged NEAR block was submitted over the weekend, requiring a 5 ETH deposit. The transaction was submitted to Ethereum on Saturday, August 20, at 04:49:19 PM UTC. Shevchenko asserted that the attacker was hoping that it would be complicated to react to the attack early Saturday morning. However, the automated watchdogs challenged the transactions causing the attacker to lose their deposit simply 31 seconds later at 04:49:50 PM UTC.

Following the comeback from the automated watchdog, Shevchenko affirmed that the security team checked the bridgeā€™s status within the hour to ensure no further action was needed.

Shevchenko ended the tweet thread with a statement directly to the attacker, stating,

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