NEAR Intents Loses $3.8M in Exploit Following Assistance in Bitget Hack
The cross-chain protocol NEAR Intents suffered a security breach resulting in a $3.8 million user fund loss caused by a bug in the Omni deposit and withdrawal infrastructure interacting with NEAR Intents' smart contract. The platform has pledged full compensation and fixed the vulnerability that enabled the attack.
Details and Response to the Exploit
NEAR Intents disclosed the breach on Thursday via X, attributing it to a bug within the Omni deposit and withdrawal infrastructure interacting with their smart contract. The vulnerability on the contract side has been promptly patched to prevent further similar exploits, with initial losses amounting to $3.8 million.
The protocol reported that law enforcement agencies have been notified, and they are working alongside security and blockchain analytics partners to trace and recover stolen funds. A comprehensive incident report is expected to be released in the coming days.
Connection to Bitget Breach and Aftermath
The exploit occurred shortly after NEAR Intents assisted the Bitget exchange, which suffered a $388 million breach last week. During this assistance, NEAR Intents blocked $50 million and froze more than $500,000 connected to Bitget’s hack.
Bitget CEO Gracy Chen suggested that North Korean hackers may be behind the attack. Blockchain investigator ZachXBT traced the stolen funds to KuCoin exchange, where they were bridged to Bitcoin, although the identities of the attackers remain unknown.
Why it matters
This development is significant for the cross-chain protocol ecosystem and NEAR Intents users as it exposes a vulnerability that led to substantial financial losses. Despite aiding the major exchange Bitget after its massive hack, NEAR Intents itself became a target, underscoring risks inherent in interactions between various infrastructures and smart contracts. The event highlights the necessity for rigorous security auditing, while the platform's commitment to full compensation and law enforcement cooperation demonstrates a strong stance on incident management.
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