NEAR Intents Hacked for $3.8 Million: Is NEAR Protocol Safe?
NEAR Intents, a cross-chain swap service constructed on NEAR Protocol (NEAR), misplaced about $3.8 million to an exploit on Thursday. The NEAR token fell 8.6% inside hours, though the underlying blockchain was not named because the goal.
The hack landed two days after Bitwise opened the primary US spot NEAR exchange-traded fund (ETF). Bitwise pitched that fund partly on NEAR Intents, which it says has processed over $32 billion in swaps.
How the NEAR Intents Hack Happened
NEAR Intents lets customers swap a token on one blockchain for a token on one other. Users state the commerce they need, and outdoors market makers compete to fill it.
The crew stated a bug triggered the loss. The flaw sat in how its Omni deposit and withdrawal system interacted with the NEAR Intents sensible contract, the self-running code that information every swap.
On-chain investigator ZachXBT flagged the assault, saying the service’s scorching pockets on BNB Chain, a web based pockets used to pay out withdrawals, noticed a number of uncommon outflows earlier than it stopped processing transactions.
The stolen funds went straight to crypto alternate KuCoin and had been transformed into Bitcoin (BTC), in response to ZachXBT.
NEAR Intents stated it has patched the contract flaw and can compensate affected customers in full. It has additionally reported the incident to legislation enforcement.
Is NEAR Protocol Safe After the $3.8 Million Hack?
Deposits and withdrawals stay paused for about 12 extra hours on 11 networks. These embrace BNB Chain, Polygon, TON, Optimism, Avalanche, Stellar, Monad, X Layer, ADI, Scroll, and Plasma.
Neither the official assertion nor ZachXBT’s alert experiences any loss from the NEAR blockchain itself. Both level to the swap service’s bridge and its BNB Chain pockets.
Users holding property from the paused chains inside NEAR Intents can nonetheless swap them into different tokens as soon as core service resumes, the crew stated.
Meanwhile, NEAR traded at $4.92 at press time, with a market worth close to $6.4 billion. The token had climbed about 175% in September forward of the Bitwise NEAR ETF launch.
It is the second main exploit within the NEAR ecosystem this 12 months, after Rhea Finance lost $7.6 million in April. NEAR Intents has promised a full technical report within the coming days.
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