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ZEC Daily Morning Express
"Morning Minute" is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in the article are his personal positions and do not necessarily reflect Decrypt's official views.
Good morning! Here are today's top news:
NEAR Intention was hacked and lost US$3.8 million-was this a "good" attack?
NEAR Intentions was briefly closed on Thursday after an attacker stole approximately $3.8 million. This vulnerability appears at the level responsible for the entry and exit of funds and the interaction with the main contract holding user funds. Well-known online detective ZachXBT tracked the flow of stolen funds to the KuCoin exchange and discovered that they had been converted to Bitcoin. The project team has reported the case to law enforcement and said it will release a full report.
If you are not familiar with NEAR Intention, this is a tool that allows users to exchange cryptocurrencies across different blockchains and supports private transactions. Driven by the privacy boom, it has achieved great success, processing more than $30 billion in exchange transactions on 35 networks.
Regarding this hacking incident, the team responded very quickly. The vulnerability on the contract side has been patched and core services are back up and running in about an hour. Deposits and withdrawals on 11 networks, including BNB Chain, Polygon and Optimism, were suspended for another 12 hours to allow the rest of the repairs to be completed. All affected users will receive full compensation.
Affected by this, NEAR prices fell nearly 9% to US$4.86;Bitwise NEAR ETF shares fell more than 7%. The fund was launched just two days ago, so it experienced a hacking attack in its first week targeting the project's purported proof of network growth product.
However, judging from the severity of various hacking incidents, this incident is almost close to the "best version of the worst-case scenario." Previously, Kelp DAO suffered losses of millions of dollars;Bitget lost $387.5 million and froze withdrawals for four days;MetaMask offline its verification node and has not given much explanation so far. In contrast, NEAR Intentions discovered the vulnerability, stopped service, completed the patch within an hour, disclosed the root cause of the problem, alerted the police, and promised to pay users in full. This was a quick response that kept the impact of the hacking attack to a minimum and caused minimal damage.
This can be said to be the best result. Some people even call it a "good hacking incident", similar to the vulnerability cases discovered by ZCash's own team. Will this ultimately become a positive event for NEAR? We will soon see the answer.
