NEAR Price Slumps After $3.8M Exploit on Intents Service

NEAR's price has declined by 9.12% in a single day, trading at $4.99. The asset's price currently sits above its short-term averages but remains below its intermediate-term levels.

A recent exploit on NEAR Intents, a service linked to NEAR Protocol, has halted operations across 11 networks. The exploit resulted in a $3.8 million loss and has disrupted platform functions, reducing user activity.

NEAR Intents has patched the affected contract and has committed to fully reimbursing users affected by the exploit. However, operational disruptions remain unresolved.

The asset's price is expected to consolidate within the $4.7607 to $5.301 range over the next two to three trading days. The probability of an upward move stands at 63%, making a further decline less likely in the immediate term.