NEAR Intents Halts Services After $3.8M Exploit

NEAR Intents, a protocol for cross-blockchain crypto swaps, has halted services after a $3.8 million exploit.

The team attributed the incident to a bug in the interaction between its Omni deposit and withdrawal infrastructure and the NEAR Intents smart contract.

The contract vulnerability has been patched, and NEAR Intents promised to fully compensate the lost funds.

Operations are expected to resume within an hour, but deposits and withdrawals on 11 blockchain networks will be unavailable for 12 hours.

The stolen funds were transferred to the KuCoin exchange and bridged to BTC, according to blockchain investigator ZachXBT.

NEAR Intents is working with law enforcement and blockchain analytics platforms to trace the funds and will release a post-mortem report in the coming days.