NEAR Intents Hit by $3.8M Security Breach After Assisting Bitget Exchange
Cross-chain protocol NEAR Intents has suffered a security breach, resulting in the loss of $3.8 million in user funds. According to an X post by the protocol, the incident was caused by a 'bug in the Omni deposit and withdrawal infrastructure interaction with NEAR Intents smart contract.'
NEAR Intents claims to have patched the contract-side vulnerability to prevent similar attacks. The platform also announced that it will compensate users in full for the lost funds. The incident has been reported to law enforcement, and the platform is working with security and blockchain analytics partners to trace the funds and pursue recovery.
The breach followed the protocol's assistance in the Bitget exchange's $388 million security breach last week. NEAR Intents reported blocking $50 million and freezing more than $500,000 in funds tied to the attack. Bitget CEO Gracy Chen speculated that North Korean hackers may have been responsible.
According to blockchain investigator ZachXBT, the funds from the incident were transferred to the KuCoin exchange and bridged to Bitcoin.