Near Protocol Plunges Below $5 After $4M Exploit Hits Near Intents

Near Protocol (NEAR) has fallen below $5.00 after an exploit was discovered in its Near Intents services, resulting in a loss of around $4 million.

The bug affected deposits and withdrawals across several crypto networks, including Polygon, Stellar, and Avalanche, with the incident causing significant selling pressure on Thursday.

Near Intents has suspended services while it investigates the incident and works to compensate users for their losses.

According to technical analysis, NEAR's price remains above key moving averages, suggesting that the token is still in a bullish trend. However, the Relative Strength Index (RSI) indicates overbought levels, hinting at moderating upside momentum after the recent rally.