Bitget Hack Aftermath: NEAR Intents' Risk Deterrence Strategy Revealed
The recent Bitget hack has left many in the crypto community wondering why NEAR Intents froze only $503,000 out of the attempted $50 million flows. The answer lies in how cross-chain intent protocols handle risk deterrence.
NEAR Intents' SHIELD system flagged the illicit swaps in real-time using Know Your Transaction (KYT) data and on-chain intelligence. This allowed the protocol to reject most of the hacker-associated transactions before they were executed, with only $166,000 slipping through.
The discrepancy between attempted and executed volume is a key factor here. The hackers attempted tens of millions worth of swaps, but since the system detected these trades early on, the majority were rejected prior to execution. Once rejected, the attackers routed funds to other cross-chain bridges and swap providers.
Nearly all $50 million in laundering flows were successfully stopped or rejected by NEAR Intents. However, only $503,000 was frozen mid-execution within their architecture.