NEAR Price Takes Hit After $3.8M Security Incident, Restoration Efforts Underway
A recent security incident involving NEAR Intents resulted in a preliminary loss of approximately $3.8 million. The vulnerability affected infrastructure connecting the Omni deposit and withdrawal system with a NEAR Intents smart contract, but did not compromise the underlying NEAR blockchain or the native NEAR token. NEAR Intents subsequently restored its main services after patching the contract vulnerability. The team also reported the incident to law enforcement and began working with blockchain analytics firms to trace the funds. NEAR co-founder Illia Polosukhin stated that all affected users would be compensated in full. The NEAR price fell around 9.5% in 24 hours but remained about 5.4% higher over seven days. Key support lies between $4.75 and $4.80, while the first resistance area to watch is around $5.00. NEAR Protocol clarified that its blockchain continued producing blocks and processing transactions without downtime during the security incident. The project stated that the vulnerability did not involve NEAR Protocol or the native NEAR token. The token has traded between $4.45 and $5.57, and its four-hour chart shows weakening short-term momentum. Immediate support is between $4.75 and $4.80, and a break below that area would put $4.50 in focus, followed by the $4.20-$4.25 region. On the upside, NEAR would need to reclaim $4.92 and $5.00 before approaching resistance around $5.30 to $5.50.