Near Intents Halts $50M Hack Laundering Flows with SHIELD Security System
Bitget's nearly $388 million security breach on September 24th had hackers scrambling to launder their stolen cryptocurrency. However, they found a roadblock in Near Intents' SHIELD system, which detected over $50 million in suspicious flows and prevented most of the attempted transfers.
The SHIELD system, which monitors transaction patterns and collects information from blockchain intelligence firms, identified more than $50 million in attempted laundering flows. Approximately $166,000 made it through, while another $503,000 was frozen during execution.
Near Intents has waived its share of Bitget's recovery bounty, leaving more money available for the exchange to recover. Bitget CEO Gracy Chen praised Near Intents for its intervention, stating that 'permissionless but not facilitating known stolen funds' should be the standard for decentralized protocols.