The Rainbow Bridge, which facilitates the switch of cryptographically provable knowledge between Close to (NEAR) and Ethereum (ETH), has survived one other hack, with the hacker dropping ETH 5 (USD 7,878) within the course of.
In an August 22 weblog put up, Aurora Labs CEO Alex Shevchenko said that an assault on the bridge over the weekend was routinely mitigated inside 31 seconds, and that no person funds have been misplaced.
The assault happened after a malicious actor submitted a fabricated NEAR block to the Rainbow Bridge contract. The transaction required a protected deposit of ETH 5.
“Automated watchdogs have been difficult the malicious transaction, which resulted in an attacker loosing his protected deposit,” Shevchenko stated.
Created by Aurora because the Ethereum-compatible scaling answer constructed on the NEAR blockchain, the Rainbow Bridge permits customers to switch tokens between ETH, NEAR, and the Aurora networks.
“The rainbow bridge is predicated on trustless assumptions with no chosen intermediary to switch messages or belongings between chains. Due to this, anybody can work together with its sensible contracts, together with the NEAR mild shopper,” Shevchenko stated.
He added that the bridge’s relayers, scripts operating on conventional servers that periodically learn blocks, often submit the data on NEAR blocks to Ethereum. Nonetheless, typically others additionally submit incorrect info with dangerous intentions.
“The incorrectly submitted info to the NEAR Mild Shopper could consequence within the lack of all funds on the bridge,” Shevchenko stated, including {that a} consensus of NEAR validators secures this step.
Notably, the same assault on the bridge happened on Could 1, with the attacker losing ETH 2.5 through the failed try. On the time, Shevchenko stated that the “bridge structure was designed to withstand such assaults.”
In the meantime, Shevchenko requested hackers to hitch bug bounty packages as a substitute of attempting to steal person funds. Aurora provides white hat hackers as much as USD 1m in bounty for stopping hacks and reviewing code.
“Pricey attacker, it is nice to see the exercise out of your finish, however when you really need to make one thing good, as a substitute of stealing person funds and having plenty of arduous time attempting to launder it; you’ve gotten an alternate — the bug bounty,” he stated.
The failed try towards the Rainbow Bridge comes as dangerous actors stole over USD 670m from crypto protocols through the second quarter of the 12 months, in response to Immunefi, a significant bug bounty and safety providers platform. This determine is up by nearly 50% in comparison with Q2 2021, when hackers and fraudsters stole USD 440m.
As reported, in late June, a hacker exploited a vulnerability in Concord‘s Horizon Bridge to steal USD 100m value of various cryptoassets. And previous to that, the Ronin Community was exploited to the tune of USD 600m, whereas decentralized finance (DeFi) platform Wormhole misplaced nearly USD 325m to hackers in February.
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