NEAR Blocks $50M in Stolen Bitget Funds

NEAR Intents, a protocol for swapping crypto assets across blockchains, has blocked more than $50 million in attempted transfers linked to the recent Bitget hack. On Thursday, attackers stole $387.5 million from Bitget.

A significant portion of these funds moved across chains to Ethereum, according to Alex Shevchenko, general manager of NEAR Intents. The SHIELD system detected and blocked more than $50 million in attempted transfers, with $503,000 in funds frozen during execution, while around $166,000 in suspected stolen funds passed through.

NEAR Intents will forego the 5% bounty offered by Bitget for freezing attacker funds and an additional 5% for their recovery. The protocol aims to return the frozen funds through a legal process.