Within 31 seconds, the effort was thwarted, and the hacker forfeited their 5 ETH security deposit.
The CEO of Aurora Labs, Alex Shevchenko, described a hacker who tried to use the Rainbow Bridge but lost 5 Ether (ETH), which is now worth around $8,000, in a Twitter thread.
Meanwhile, not all hackers, can profit handsomely from their exploit efforts. Money from their own pockets is ultimately lost by some.
Shevchenko claims that the hacker provided the needed 5 ETH safe deposit along with a forged NEAR block to the Rainbow Bridge contract.
The attacker planned the exploit attempt on a Saturday because they believed the staff would be less responsive over the weekend.
The CEO emphasized that there were automatic watchdogs in place that thwarted the harmful transaction in spite of the hacker’s intentions.
The breach was thwarted in 31 seconds, costing the hacker their security deposit.
The CEO said that his team is thinking about raising the amount needed for secure deposits due to the rise in exploit attempts.
The team, however, decided against the concept in order to maintain its commitment to decentralization.
Shevchenko sent the attacker a letter as well. The CEO advised the hacker to consider working on bug bounties to help the community rather than stealing people’s money and experiencing difficulties attempting to launder the stolen assets.
An ethical security hacker who alerted the Aurora team to a serious vulnerability on June 7 received a $6 million bug reward from Aurora Labs.
Users’ cash was safeguarded and the problem was quickly rectified. Over $200 million may have been lost if the whitehat hacker had chosen to use the network for his or her own gain.
The Ronin Bridge Hackers have converted the stolen money into Bitcoin in the meantime (BTC).
The hackers are still attempting to disperse the stolen money using the privacy programs Blender and ChipMixer in an effort to outwit law enforcement.