NEAR Intents Foils $50M Hack Attempt, Stands Against Money Laundering
NEAR Intents, a cross-chain protocol, recently thwarted an attempt by hackers to transfer over $50 million in stolen funds from Bitget. The hack occurred on September 24, with approximately $387.5 million in funds taken. A significant portion of the stolen assets flowed into Ethereum through NEAR Intents.
NEAR Intents' risk intelligence system, SHIELD, detected over $50 million in suspicious fund flows, with only $166,000 passing review and another $503,000 frozen during execution. The hackers attempted to move funds via NEAR Intents but were largely unsuccessful.
The incident has sparked a discussion on the role of infrastructure in facilitating the laundering of stolen assets. NEAR Intents' stance is that while systems can remain permissionless, they do not have to remain neutral when it comes to assisting in money laundering. Property rights are essential for a functioning market, and a financial system that allows thieves to liquidate their assets without restriction is not a freer system.
NEAR Intents has emphasized its commitment to combatting the laundering of stolen funds and has called on wallet providers to choose their integrations carefully, as they may be exposed to regulatory, legal, and reputational risks if used to transfer stolen funds. The protocol will continue to operate with clear boundaries, actively combating the laundering of stolen assets.