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NEAR NEAR Intentions suffered a security breach and lost approximately US$3.8 million, and service was suspended.
NEAR Intentions, a cross-chain exchange protocol based on the NEAR protocol, suffered a security attack on Thursday, resulting in a loss of approximately US$3.8 million. Related services have been suspended. It is worth noting that the platform publicly blocked the transfer of up to $50 million in stolen funds from Bitget in the previous week. The NEAR Intentions team said the vulnerability has been fixed, promised to fully compensate users for losses, and has referred the case to law enforcement agencies.
How were NEAR intentions compromised?
NEAR Intentions attributed the loss of approximately US$3.8 million to a flaw in its Omni deposit and withdrawal infrastructure interacting with NEAR Intentions smart contracts. The team posted a message on X (formerly Twitter) saying that the attacker used the flaw to drain funds from a hot wallet before the contract-side vulnerability was closed.
NEAR Intentions stated that core services and Near.com are expected to resume within about an hour after disclosure, but currently deposit and withdrawal functions on 11 networks including BSC, Polygon, Optimism, TON, Avalanche, Stellar, Monad, X Layer, ADI, Scroll and Plasma are still frozen. With the completion of the repair work, the deposit and withdrawal function is expected to resume in approximately 12 hours. The team promises to release the accident investigation report in the next few days.
The NEAR Intent platform allows users to specify desired results rather than selecting specific bridging or routing methods, with independent market makers called "solvers" responsible for executing orders across chains. According to reports, the project website shows that its transaction volume has exceeded US$30 billion, covering 35 blockchains.
Investigation Tracking and Money Flow
Blockchain investigator ZachXBT wrote on Telegram that he traced the theft to suspicious transactions in a BNB Chain hot wallet associated with NEAR Intention. He said the funds were then routed to the KuCoin exchange and bridged for conversion to Bitcoin.
It is worth noting that previous attacks related to North Korea's Lazarus Group have also been routed through KuCoin and bridged to Bitcoin, but as of now, the NEAR Intentions attack has not been officially confirmed to be linked to state actors.
Scale of funds that NEAR Intentions helped Bitget recover
Less than a week before the attack, NEAR Intentions were a key agreement to hold the line and respond to the September 24 Bitget hacking attack that cost Bitget $387.5 million.
Cryptopolitan reported that Alex Shevchenko, general manager of NEAR Intention, said that the attacker had tried to transfer more than $50 million in stolen funds through the agreement, but its SHIELD risk intelligence system froze about $503,000 of them, and about $166,000 still escaped interception. The team announced that Bitget will not be charged the standard 5% freeze fee and 5% recovery bonus so that more money can be returned to the exchange.
Shevchenko also pointed out that the cryptocurrency industry cannot build infrastructure designed to help money laundering while demanding recognition of digital property rights.
Market Impact and Security Situation
According to statistics, cryptographic security incidents that occurred in the third quarter alone caused 247 incidents and a total loss of US$1.26 billion, an increase of 53.9% from the previous quarter. Among them, the losses caused by Bitget hacking accounted for approximately 31% of the total.
Affected by this, the NEAR token fell by about 6% to 7% on the day, and the trading price was close to US$4.95. The Bitwise Spot NEAR ETF (NRR), which was launched only two days ago, also fell 6.4%, giving up its opening gains.
