NEAR Intents recovers $3.8 million after security breach resolution

The NEAR Protocol’s cross-chain asset exchange platform, NEAR Intents, has successfully recovered all $3.8 million (approximately 6 billion yen) lost in a recent security incident. The full amount was returned within 48 hours of the team’s demand for repayment, according to NEAR Intents General Manager Alex Shevchenko, who announced the resolution on October 3 via X (formerly Twitter).

The incident, which occurred on October 1, was traced to a bug in the integration between Omni’s deposit-withdrawal infrastructure and NEAR Intents’ smart contracts. The vulnerability was promptly fixed, and the team committed to compensating affected users in full. They also collaborated with security firms and blockchain analysts to track and retrieve the stolen funds.

On October 2, Shevchenko identified the individual responsible for the breach and publicly requested the return of the funds, providing specific addresses for Bitcoin, BNB Chain, Ethereum, and Solana. The team framed the 48-hour window as the last opportunity for a ‘responsible disclosure,’ encouraging ethical reporting of vulnerabilities. The funds were fully returned before the deadline, accompanied by a message acknowledging the team’s constructive approach and urging the use of bug bounty programs.

With the funds recovered, Shevchenko declared the investigation closed and emphasized the importance of reporting security flaws through bug bounty programs rather than exploiting them. The incident underscores the significance of proactive security measures in the blockchain space.