The developers behind Rainbow Bridge have made a public announcement about another hack. The platform has announced that they have successfully deflected and survived another hack.
Rainbow Bridge is a platform that helps in the flow of provable data between Ethereum (ETH) and Near (NEAR). The provable data is verified cryptographically and its transfer is facilitated through the Rainbow Bridge.
Rainbow Bridge Gave a Huge Shocker to the Hacker
According to the latest information by Rainbow Bridge, it not only survived the hack but was able to go another mile in an interesting manner.
As per the Rainbow Bridge teams, the hacker not only failed to carry out the exploit but also ended up losing ETH in the process.
The teams have revealed that the hacker ended up losing 5 ETH while trying to hack their protocol. At the time of writing, the value of 5 ETH translates to $7,878.
On Monday, Aurora Labs posted a notification for the entire community about the hack attempted that was mitigated by the platform.
Alex Shevchenko, the chief executive at Aurora Labs announced it was over the weekend when the hacker attempted to exploit the protocol.
However, the automatic safety and protocol security systems were able to mitigate the attack in less than a minute.
The CEO revealed that the attack had been mitigated by the system in just 31 seconds. Neither the protocol nor any of the customers ended up losing any funds as a result of the hack.
The Aurora Labs CEO confirmed that the hacker had to lose 5 ETH as a result of the failed attack.
How was the Hack Executed?
The hacker was able to get into the protocol by placing a block in the NEAR protocol that was falsely fabricated. The particular block was added to the Bridge contract, which allowed the hacker access to sensitive data.
However, in order to carry out the exploit, the hacker had to make a safe deposit. Therefore, the hacker had to add 5 ETH in order to gain access to the protocol.
Automated Security System Challenged the Hacker
However, the hack attempt made by the hacker was nullified by the security watchdog that operates automatically. The particular security system is known for killing any hack attempts or exploits that are triggered from inside or outside of the network.
As the security system reacted within seconds and nullified the hack attempt, the hacker ended up losing the ETH deposited in the protocol as well.
This is the second hack attempt that the protocol has deflected. The last hack attempt the protocol deflected was back in early May. Even in the previous hack attempt, the hacker lost 2.5 ETH.