NEAR Protocol Price Slumps After $3.8M Hack of Cross-Chain Trading Service

The NEAR Protocol price dropped by about 8% to $4.91 after a $3.8 million hack of the NEAR Intents platform, which allows users to swap tokens across different blockchains.

The hack occurred on October 1 and forced NEAR Intents to suspend operations while engineers investigated and patched the vulnerability in its Omni deposit and withdrawal infrastructure.

NEAR Intents has pledged full reimbursement for affected users and expects core trading services to restart within an hour, although deposits and withdrawals may remain unavailable for up to 12 hours on certain networks.