NEAR Intents Loses $3.8 Million in Security Breach

A recent security breach has affected NEAR Intents, a protocol that allows users to interact with the NEAR blockchain. On October 1, the protocol halted operations due to a security incident that resulted in an estimated loss of $3.8 million. The vulnerability was linked to a bug in the interaction between the Omni deposit and withdrawal infrastructure and the trading platform's smart contract.

According to an on-chain investigator, ZachXBT, the attacker made several withdrawals from the platform's hot wallet on the BSC network. The funds were then transferred to the KuCoin exchange and converted into Bitcoin.

The NEAR Intents team has already resolved the issue and the protocol and website are back online. However, deposits and withdrawals on several networks, including BSC, Polygon, and others, will remain unavailable for about 12 more hours while developers complete the necessary fixes.

The team has promised to fully compensate for the losses and is working with security and blockchain analytics partners to track and recover the funds. A detailed report on the incident will be published in the coming days.