Near Protocol Plummets Below $5.00 After $4M Exploit Hits Near Intents Services

Near Protocol's price plummeted below $5.00 on Thursday following an exploit on its Near Intents services, which affected deposits and withdrawals across 12 crypto networks.

The bug in the interaction between Omni deposit and withdrawal infrastructure and the protocol's smart contract resulted in a loss of approximately $4 million, with deposits and withdrawals impacted across platforms such as Polygon, Stellar, and Avalanche.

Near Intents has suspended services and reported the incident to law enforcement, stating that all funds will be compensated in full.