Bitcoin · The Block
NEAR Intents pauses services after $3.8 million exploit, promises full compensation
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NEAR Intents, a protocol that lets users swap crypto across blockchains, halted services Thursday after an exploit led to losses of approximately $3.8 million, according to early reports.
Key facts
- The NEAR Protocol token (NEAR) is down 6.7% on the day and is trading at $4.96
- This comes roughly a month and a half after NEAR reported that it had crossed $25 billion in lifetime volume moved through the platform
- NEAR Intents, a protocol that lets users swap crypto across blockchains, halted services Thursday after an exploit led to losses of approximately $3.8 million, according to early reports — It is also bad timing for those who jumped into Bitwise's NEAR ETF (NRR), which launched two days ago
Summary
In an X post, the team said the incident was caused by a bug in how its Omni deposit and withdrawal infrastructure interacted with the NEAR Intents smart contract. The contract vulnerability has been patched, and the team said NEAR Intents and Near.com were expected to open back up operations within an hour. In his own post on Telegram, blockchain investigator ZachXBT said the protocol's BSC hot wallet showed irregular outflows and that the stolen funds were transferred to the KuCoin exchange and bridged to bitcoin (BTC). The Block reached out to KuCoin for updates and comments but did not receive an immediate reply.