NEAR Intents suffers $3.8M exploit after assistance with Bitget breach
The platform said it will compensate users affected by the hack, which stemmed from a bug that affected deposits and withdrawals.
The cross-chain protocol NEAR Intents experienced a security breach resulting in the loss of $3.8 million in user funds, according to a statement posted on Thursday. The incident was traced back to a "bug in the Omni deposit and withdrawal infrastructure interaction with NEAR Intents smart contract." NEAR Intents assured users that they would be fully compensated for the lost funds, and the "contract-side vulnerability has been patched" to prevent similar attacks in the future.
The platform has reported the incident to law enforcement and is collaborating with security and blockchain analytics partners to trace the stolen funds and pursue recovery. Blockchain investigator ZachXBT noted that the stolen funds were subsequently transferred to the KuCoin exchange and bridged to Bitcoin. The source of the hack remains unknown at this time.
The security breach occurred shortly after NEAR Intents assisted Bitget, an exchange that suffered a $388 million security breach last week. NEAR Intents reportedly blocked $50 million and froze over $500,000 in funds related to the attack. Bitget's CEO, Gracy Chen, suggested that North Korean hackers might be responsible for the incident.
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