NEAR Ecosystem Hit by $3.8 Million Exploit Days After US ETF Launch

NEAR Protocol's ecosystem was hit by a $3.8 million exploit on October 1, just days after its new US ETF began trading.

The incident involved NEAR Intents' Omni deposit-and-withdrawal infrastructure and resulted in the temporary halt of services.

NEAR fell about 10% to $4.86 following the security breach, which was described as a bug in the interaction between Omni infrastructure and the Intents smart contract.

The incident occurred less than two days after Bitwise opened the token to US exchange-traded fund investors through its NEAR ETF, with the ticker NRR.

NEAR co-founder Illia Polosukhin said that the exploit was isolated to USDT on BSC and that NEAR Intents' SHIELD security system detected unusual activity before pausing services.