This Hacker Came to Exploit Bridge Protocol, But Left US$8k as Tips

Win for Rainbow Bridge while a huge loss for a hacker, smart contracts are doing wonders in 2022

Rainbow Bridge is taking up the crypto market by messing up the crypto hacking strategies of hackers or cybercriminals. Rainbow Bridge is an essential part of Near Protocol that has again experienced an attempt from a hacker over the weekend in August 2022 after May 2022. The cybercriminals prevention strategy of this company has successfully blocked the cybercriminals from taking away cryptocurrencies within 31 seconds in the highly unsecured crypto market. The funny part is that the hacker has lost 5 Ethereum tokens worth US$8k from the team of cyber criminals.

Rainbow Bridge is known for connecting Near Protocol, Aurora, as well as Ethereum with an EVM-compatible scalability solution on the Near Protocol. This helps crypto investors to transfer their funds among the networks through the integration of smart contracts in the crypto market. These smart contracts have helped in mitigating cybercriminals within a few seconds with their automation and trustless system. This, in turn, has helped Rainbow Bridge to gain US$8k tips from the hacker for failing the mission of the cyberattack.

The hacker tried to propose a fabricated block on Near Protocol with a requirement of depositing 5 ETH. But the smart contracts act as automated watchdogs for these kinds of malicious transactions. The transaction was recorded on the ETH blockchain in block number 15378741. This has cost the hacker 5 ETH instead of gaining millions of tokens. The funds of crypto investors are safe from cybercriminals and their failed attempted hacks. It failed because the hacker assumed that the Rainbow Bridge mechanism would be slow in the process to respond on the weekend.

This is the second case of Rainbow Bridge in 2022. In May 2022, there was another failed attempt to breach the Near Protocol network. But the additional measures are taken up to ensure the protection of funds from the increased number of attempts from cybercriminals. This has led the cybercriminals to lose 2.5 ETH during the failed attack.

Thus, it can be said that as cybercriminals are increasing the modern approaches for hacks through multiple hackers, the crypto market is also leveling up its protection strategies with automated watchdogs, and smart contracts. These smart mechanisms are offering the utmost protection to crypto investors from the hands of malicious transactions and approaches from a hacker. This is the fun time in the crypto market that a hacker is leaving behind some money instead of stealing all of it.

More Trending Stories