Near Price Falls Below $5 After Security Incident Involving $3.8 Million in Losses
Near Protocol's token price fell below $5 on October 1 following a reported security incident involving NEAR Intents, a cross-chain infrastructure platform built on Near. The incident resulted in a total loss of $3.8 million and led to a sharp pullback in the token's price.
According to TradingView's Binance daily chart, the token traded near $4.94 with a 7.55% daily decline and a low of $4.742. The 4-hour chart places nearby resistance at $5.02, while daily support sits around $4.69.
NEAR Intents has pledged full reimbursement to affected users after patching the contract vulnerability linked to its Omni system. Analysts believe that NEAR may attempt a breakout retest following its monthly close above a long-term downtrend.
The retreat in Near's price also follows the introduction of a new U.S. investment product, Bitwise's NEAR ETF (NRR), which began trading on NYSE Arca on September 29 with a 0.75% management fee.