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Near protocol: Hacker loses 2.5 ETH in failed hack

Near protocol
TL;DR Breakdown
  • Hacker loses 2.5 ETH as Near protocol hack fails
  • The platform did not record any loss
  • Aurora CEO preaches security measures on platforms

Near protocol escaped what would have been a massive hack after an hacker tried to breach the platform. The rampant nature of crypto hacks and scams has made life unbearable for most people as they are always on their edge when dealing in the market. Some people have chosen not to enter the market due to those issues. However, in a win for the crypto community, a hacker has lost 2.5 ETH in a failed hack on Near protocol. In the details gathered, the hacker planned to hit the rainbow bridge but was unsuccessful.

Near protocol records no loss

Giving a detailed description of the events, Alex Shevchenko, Aurora Labs CEO, was on hand to provide all the event details. He noted that the hacker had already started the process. However, the bridge has not suffered any loss that has been discovered yet. In his tweets, the CEO noted that the company would put in place specific measures that will involve hackers having to pay more if they plan to hit the network in the future.

He also added the attacker’s wallet address, who kickstarted the hack process by committing funds to the famous Tornado Cash. The attack was initiated on May 1 following a smart contract deployment by the said malicious actor. The hacker planned to become a relayer on the network by depositing the same funds he lost on Near protocol.

Aurora CEO preaches security on platforms

Digging deep into the events, Shevchenko mentioned that the hacker planned to send client blocks that were made-up light. Some minutes after the action by the malicious actor, one of the watchdog on the bridge alerted Ethereum after discovering that the blocks submitted was not available on the Near protocol blockchain. The CEO gave more insights into the Near protocol event and how the firm was making plans to stop a potential future attack on the network in the coming months. However, he noted that the project would make security its primary focus.

He also urged all firms in the crypto sector to pay adequate attention to the security measures on their platform. He advises that they carry out routine checks, including bug bounties and the like to test the strength of their security. Rainbow bridge is a gateway that ensures seamless transfers across Aurora, Ethereum, and Near protocol. The network is known for its massive user-friendly user interface, one of its top features. Although this attack was foiled, it might have been another successful attack on a bridge in the sector this month.

Asides from the famous Ronin hack, which saw the malicious actors steal over $600 million, there have been other bridge hacks this year. Hackers are always looking for innovative ways to steal in the DeFi sector due to the massive cash that flows through the system. The DeFi sector has already succumbed to a huge loss of $1.22 billion across the first half of this year. This figure represents more than eight times what the malicious actors took in 2021. This is one of the reasons why Shevchenko is preaching the gospel of enhanced securities as a measure to curb these activities. More users in the sector translate to more money for hackers to potentially get their hands on.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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