NEAR Intents protocol exploited for $3.8M, but rapid patching and user compensation within one hour demonstrated strong incident response.
Security & Exploits ·
NEAR Intents, a cross-chain swapping tool, suffered an exploit that resulted in the loss of approximately $3.8 million. The vulnerability existed in the bridge layer responsible for moving funds between chains and its interaction with the main contract storing user assets. According to reports, the attacker moved stolen funds to KuCoin where they were converted to bitcoin, and the team notified law enforcement while indicating a detailed incident report would follow.
The protocol's response timeline compressed the damage significantly. Core infrastructure returned to operation within roughly one hour of the incident, with the contract-level vulnerability addressed and service restored. Full deposit and withdrawal functionality across eleven networks—including BNB Chain, Polygon, and Optimism—required an additional twelve hours to restore fully. The team committed to reimbursing all affected users in full. NEAR Intents had previously processed more than $30 billion in swaps across 35 networks, positioning itself as a prominent tool in the privacy-focused trading space.
Market reaction was mixed: NEAR's token price fell nearly 9 percent to $4.86, and the recently launched Bitwise NEAR ETF declined more than 7 percent—notable given the exploit occurred within its first week. How the market ultimately perceives the incident remains uncertain, though some observers have characterized the rapid patching and full user compensation as approaching an optimal response to a security breach.