NEAR Blocks Hack Funds, Ignites Debate on Permissionless Blockchains

NEAR's decision to block funds tied to the Bitget hack has sparked debate in the crypto community.

The attack, which occurred on September 24, saw attackers take about $387.5 million from Bitget's wallet infrastructure.

In response, NEAR Intents' SHIELD protocol detected and blocked over $503,000 in suspicious transactions, freezing them mid-trade.

NEAR co-founder Illia Polosukhin defended the decision, stating that 'permissionless means nobody needs permission to own and transfer assets, or deploy contracts on NEAR. It does not mean every application or liquidity provider must process every transaction.'