NEAR Protocol Price Tumbles 8% After $3.8M NEAR Intents Hack
A $3.8 million exploit on NEAR Intents, a cross-chain trading service, has led to a significant drop in the NEAR Protocol price. The incident forced NEAR Intents to suspend operations while engineers investigated the vulnerability.
The team behind NEAR Intents attributed the loss to an integration bug involving its Omni deposit and withdrawal infrastructure. They have pledged to reimburse affected users in full and have already patched the contract flaw.
The NEAR Protocol price fell 8% to $4.91 on Thursday, following the exploit. The token price had been on a steep rally, reaching $5.50 in September, but the incident has disrupted its upward momentum.
The NEAR Intents hack has interrupted a successful streak for the platform, which had recently blocked suspicious transfers worth over $50 million linked to the Bitget hack.