NEAR Intents Blocks Millions in Stolen Funds Linked to Bitget Hack

NEAR Intents claims it blocked over $50 million in attempted transfers linked to the Bitget hack. The attack on Thursday saw attackers steal $387.5 million from Bitget, with a significant portion of these funds moving across chains to Ethereum.

Alex Shevchenko, general manager of NEAR Intents, said its SHIELD system detected and blocked more than $50 million in attempted transfers, which then went to other providers. It managed to freeze $503,000 in funds 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, allowing more funds to be returned to Bitget. Shevchenko said the frozen funds would be returned through an appropriate legal process.