$3.8 Million Near Intents Exploit Triggers Smart Contract Vulnerability

Near Intents has reported an exploit on its platform resulting in a $3.8 million loss of users’ funds.

The incident was triggered by a smart contract vulnerability at the 'handoff seam' between two core components, the Omni infrastructure and the Near Intents Smart Contract.

The attacker exploited a breakdown in communication and tricked the smart contract into validating or inflating artificial deposits/withdrawals without providing equivalent collateral, allowing them to drain funds from the platform.

Near Intents team has assured users of their funds' safety and pledged that all affected user assets will be compensated in full utilizing treasury funds.