Near Intents Hacked for $3.8M After Blocking North Korea-Linked Hacker

Near Intents, a tool for swapping crypto across different blockchains, suffered a security incident on Thursday that drained about $3.8 million from its Omni deposit and withdrawal layer.

The team behind Near Intents says a bug in how the layer interacts with the main smart contract caused the issue, which has been reported to law enforcement and is being investigated by security and blockchain analytics partners.

This exploit comes just two days after Near Intents blocked a $50 million swap attempt from a hacker linked to North Korea, who managed to steal around $387.5 million from crypto exchange Bitget last week.

The NEAR token fell 6.7% to $4.96 following the incident, and the team has promised full compensation for the lost funds.