NEAR Price Drops 10% After $4 Billion-Month App Gets Hacked

The $4 billion-a-month app NEAR Intents was hacked, causing a $3.8 million loss and a 10% drop in NEAR's price to $4.86.

The hack occurred just days after Bitwise launched the NEAR ETF (NRR), which attracted $50 million in net inflows on its first day.

The incident was isolated to USDT on BSC and was detected by NEAR Intents' SHIELD security system, which paused services and allowed the team to fix the vulnerability within an hour.

NEAR co-founder Illia Polosukhin said the exploit did not involve a vulnerability in the network or the native NEAR token, and that block production and transaction processing continued without interruption.