NEAR Protocol's Rainbow Bridge survived yet another hack attempt

Tldr: the attack was automatically mitigated in 30 seconds, the attacker lost 5 Eth, no user funds were ever lost nor were users disturbed, the bridge was designed to withstand such attacks.

This makes Rainbow one of the most secure and battle tested bridges in crypto since it's the second completely mitigated hack attempt in the span of 3 months thanks to its design.

Instead of relying on easily hackable central authorities like multisigs, Rainbow is completely trustless and decentralized, anyone can relay transactions and its security is based on light clients that cryptographically verify consensus as smart contracts on both sides of the NEAR<>Ethereum bridge.

The first hack attempt happened 3 months ago in which an attacker tried to fabricate an Ethereum block and relay it to NEAR to steal funds from the bridge, the design allowed watchdogs and MEV/arbitrage bots to challenge the fake block and earn the hacker's security deposit of 2.5 Eth.

A similar attempt was tried this weekend, the bridge's architecture yet again prevented any loss of funds and the new attacker lost 5 Eth.

Big middle finger to hackers and a high five to devs that put security and decentralization above everything else.

For more information: https://twitter.com/alexauroradev/status/1561692371833667585?s=21&t=MvmdPqJXC0ArjojvxFrmrA