NEAR Intents Blocks Over $50M in Stolen Funds from Bitget Hack

NEAR Intents, a protocol on the NEAR blockchain that allows for cross-chain asset swaps, has successfully blocked over $50 million in transfer attempts linked to the Bitget hack. This incident occurred after a breach at crypto exchange Bitget resulted in losses estimated between $387.5 million and $388 million.

The stolen funds moved across chains, with some of them reaching Ethereum. However, NEAR Intents' monitoring system, SHIELD, detected deviations in the flows and gathered inputs from KYT providers to decide how transactions were handled. As a result, more than $50 million in transfer attempts were rejected before execution.

SHIELD froze $503,000 during execution, while around $166,000 slipped through. NEAR Intents has waived both bounties offered by Bitget and will return the frozen amounts through a regular legal process.