NEAR Intents Blocks $50M in Bitget Hack-Related Transfers
NEAR Intents, a protocol for swapping crypto assets between blockchains, has blocked more than $50 million in attempted transfers linked to the Bitget hack. The attackers stole approximately $387.5 million from Bitget on Thursday and moved a significant portion of these funds across chains to Ethereum.
Alex Shevchenko, general manager of NEAR Intents, said that its SHIELD system detected and blocked more than $50 million in attempted transfers. This means that the funds will not be transferred to other providers, and instead will be frozen by NEAR Intents.
The post highlights a tension between permissionless crypto protocols and their need to curb illicit activity while maintaining open access. Shevchenko argued that permissionless systems do not have to be neutral, and that builders can make choices about what those protocols enable. He stated that refusing to help launder stolen assets is one of NEAR Intents' choices.
Shevchenko emphasized the importance of property rights in functioning markets and said that a financial system where stealing an asset gives you an unrestricted right to monetize it 'is simply a system that protects the thief.' He added that such systems cannot become the economic backbone of the future.