$3.8 Million Hack Rocks NEAR Ecosystem, Second Major Exploit This Year
NEAR Intents, a cross-chain swap service on NEAR Protocol, was hacked for $3.8 million in an exploit that occurred on Thursday.
The attack led to a sharp decline in the price of NEAR token by 8.6% within hours, although the underlying blockchain was not targeted.
NEAR Intents allows users to swap tokens between different blockchains, with market makers competing to fill trades. The team behind NEAR Intents stated that a bug caused the loss, specifically in how its Omni deposit and withdrawal system interacted with the smart contract.
The incident was detected after a security breach was discovered, and services were paused for about 12 more hours on multiple networks, including BNB Chain, Polygon, and others. Deposits and withdrawals remain halted as users can still swap their assets into other tokens once services resume.