NEAR Intents reports $3.8 million exploit, pledges to compensate users

Cross-chain protocol NEAR Intents reported a security breach that resulted in the loss of $3.8 million in user funds. In a Thursday post, the protocol attributed the breach to a bug in the interaction between Omni deposit and withdrawal infrastructure and a NEAR Intents smart contract. NEAR Intents said it had patched the contract-side vulnerability to prevent similar attacks. NEAR Intents said it would compensate affected users in full. The platform said it had reported the incident to law enforcement and was working with security and blockchain analytics partners to trace and recover the funds. The platform said it would publish a detailed report in the following days. Blockchain investigator ZachXBT said the funds were transferred to the KuCoin exchange and bridged to Bitcoin. The identity of the attacker was unclear at the time of publication. The attack followed NEAR Intents' assistance to the Bitget exchange after Bitget suffered a $388 million security breach last week. NEAR Intents reported blocking $50 million and freezing more than $500,000 in funds tied to the Bitget attack. Bitget CEO Gracy Chen speculated that North Korean hackers may have been responsible for the Bitget breach.