NEAR Intents Suffers $3.8 Million Hack, Prompts Service Suspension

Cross-chain protocol NEAR Intents suffered a major security breach that resulted in losses of approximately $3.8 million. The team responded by temporarily suspending services and disabling deposits and withdrawals on multiple blockchains.

The vulnerability was caused by an interaction flaw between the Omni deposit and withdrawal system and the NEAR Intents smart contract, according to the project's developers. They have since fixed the issue and committed to reimbursing affected users for their losses in full.

The attack began with suspicious withdrawals from a NEAR Intents hot wallet on BNB Chain, followed by the transfer of stolen funds to crypto exchange KuCoin, where they were converted into Bitcoin through cross-chain infrastructure.