NEAR Protocol Recovers $3.8 Million in Hack Reversal

NEAR Protocol's price surged over 7% following the recovery of $3.8 million stolen in a hack disclosed on October 1, 2026. NEAR Intents, the platform affected by the exploit, announced the full recovery on October 2. By October 5, the token's value climbed to $5.14, marking a 7.7% increase in 24 hours, according to CoinGecko data.

Alex Shevchenko, general manager of NEAR Intents, revealed that the team had identified the exploiter and set a deadline for the return of the funds. The stolen money was returned in full before the deadline expired, prompting NEAR Intents to halt its investigation. Shevchenko confirmed the return on X, urging users to report bugs responsibly instead of exploiting them.

The exploit occurred due to a flaw in how NEAR Intents' Omni deposit and withdrawal layer interacts with its main smart contract. Bitquery's investigation found that 3.865 million USDT was withdrawn over about six hours, following two small test withdrawals. The stolen funds were traced to KuCoin and Bitcoin wallets before being returned.

NEAR's price had initially dipped 12.2% from September 30 to October 2 but rebounded to $5.14 by October 5. The token has experienced significant volatility, with daily swings of nearly 10% in recent weeks. Factors such as a proposal to cut NEAR's inflation, rising meme-coin activity, and AI-related interest have also contributed to its price movements.