Near Intents Hacked for $3.8M: Was It a Bullish Event?

The Near Intents platform was hacked on Thursday, resulting in the theft of approximately $3.8 million from user funds.

The hack occurred through a flaw in the layer responsible for moving money in and out of the system, as well as how it interacted with the main contract holding user funds.

ZachXBT was able to track the stolen funds to KuCoin, where they were converted to Bitcoin.

Near Intents responded quickly to the hack, shutting down their services and patching the affected contract within an hour. Deposits and withdrawals on 11 networks remained unavailable for another 12 hours while the team completed the fix.

The affected users will be fully reimbursed by Near Intents.