NEAR Intents, which facilitates cross-chain transactions within the NEAR ecosystem, has confirmed a security breach resulting in losses exceeding $3.8 million. The team explained that the inc
NEAR Intents, which facilitates cross-chain transactions within the NEAR ecosystem, has confirmed a security breach resulting in losses exceeding $3.8 million. The team explained that the incident stemmed from an error in the interaction between the Omni deposit and withdrawal infrastructure and smart contracts.
According to a statement by NEAR Intents, the security vulnerability has been identified and patched. While core services will be restored shortly, deposit and withdrawal transactions on EVM-based networks and other supported networks including BNB Smart Chain, Polygon, and TON will be suspended for approximately 12 hours.
The team stated that they are working with security partners and law enforcement to recover the stolen assets. They also pledged to fully compensate users for all losses incurred as a result of the incident.
On-chain researcher ZachXBT was one of the first to draw attention to the attack. ZachXBT reported detecting unusual outflows from NEAR Intents’ BSC hot wallet, with over $3.8 million in assets withdrawn. The stolen funds were reportedly quickly routed to KuCoin and then bridged to the Bitcoin network.
The graph shows the drop in Near’s price following the hacking incident.
*This is not investment advice.
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