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NEAR NEAR protocol price drops 8% due to $3.8 million NEAR intentions hack
NEAR Protocol prices fell about 8% on Thursday to $4.91 after a $3.8 million NEAR intentions exploit. The October 1 incident forced the cross-chain transaction service to suspend operations so engineers could investigate security breaches.
NEAR Intentions blamed the loss on integration errors in its Omni deposit and withdrawal infrastructure. The team said it had repaired contract flaws and would fully compensate affected users.
The NEAR Intention hack interrupted the strong rally of NEAR tokens towards US$5.50 in September. The current focus of the market is on service restoration, compensation plans, and whether this correction will further extend to nearby support levels.
Omni vulnerability causes service disruption, NEAR protocol price drops
NEAR intentions allow users to request token exchanges between different blockchains. Solvers designated by the market maker compete to complete the transaction. According to its documentation, accepted quotes are settled through a verifier contract on NEAR.
The flaws disclosed involved the interaction between Omni infrastructure and the Intents contract. According to reports, the vulnerability is a cross-chain infrastructure issue rather than a problem with the underlying NEAR blockchain itself.
The drop in NEAR Protocol prices is due to interference with a service used by many ecosystems on the platform. The platform reported that its cumulative transaction volume on 35 blockchains exceeded US$30 billion.
Prior to this incident, SHIELD had rejected more than $50 million in attempted transfers related to the Bitget hack. Bitget CEO Gracy Chen publicly acknowledged the intervention.@ 0_35#
Despite the platform's recent success in blocking suspicious transfers, NEAR Protocol prices are still weak. Preliminary analysis points to another independent bug in its integrated infrastructure.
NEAR Intentions hack triggers compensation and network repair
After NEAR Intentions was hacked, the team committed to bear all estimated losses. Its preliminary update stated that NEAR Intention and NEAR Protocol's core trading services are expected to restart in about an hour.
However, deposit and withdrawal functions on 11 networks are expected to take approximately an additional 12 hours to resume. Affected networks include BSC, Polygon, TON, Optimism, Avalanche, Stellar, Monad, X Layer, ADI, Scroll and Plasma. The announcement states that once core services are restored, users can exchange affected assets already held in the Intentions.
The price of NEAR Protocol still faces uncertainty because the reopening schedule only describes the planned recovery steps and does not confirm that all affected transfer paths have been restored.
Blockchain investigator ZachXBT said that the abnormal withdrawal came from the BNB Chain hot wallet associated with the agreement. He pointed out that stolen assets first arrived at KuCoin and then bridged to the Bitcoin network.
NEAR Intentions has contacted law enforcement and blockchain analytics partners to track the flow of funds. The team said it will release a detailed accident report in the next few days.
NEAR agreement prices test support after rebound in September
The correction followed the September rally, when NEAR prices rose from below $2 to about $5.50. Despite the latest decline, these early gains keep NEAR above its level at the end of August.
DeFiLlama data shows that at the time of inspection, NEAR's total locked position value in decentralized financial applications was approximately US$230.36 million. Price fluctuations in NEAR Protocol change the dollar value of assets locked in decentralized financial applications. Therefore, a decrease in the value of the total lockup does not automatically mean that the funds have left the network. Determining whether the exploit triggered divestment requires a comprehensive analysis combining the token balance and the reported dollar value.@ 0_74#
NEAR price trend shows that the RSI is 45.05, below the neutral midpoint. The MACD value is 0.079 and the signal line is 0.093, indicating that kinetic energy is weakening.
For NEAR Protocol prices, the 4.50 - 4.60 region remains the key support range. If it effectively falls below $4.50, the market focus may shift to $4.00.
If the four-hour closing price stabilizes above US$5, it is expected to support the price recovery to the recent US$5.50 resistance zone. If the rebound fails to exceed this threshold, the short-term recovery trend has not yet been confirmed.
