NEAR Intents hit by $3.8 million exploit as crypto's rough year of hacks continues
The NEAR Intents cross-chain trading platform suffered a $3.8 million exploit due to a smart contract vulnerability. The project has patched the issue and promised full reimbursement to affected users while working with law enforcement to trace the stolen funds.
Why it matters
This incident highlights the ongoing security risks in decentralized finance and cross-chain infrastructure, contributing to a record year for crypto-related hacks.
The project said the incident was caused by a bug in the way its Omni deposit and withdrawal system interacted with the NEAR Intents smart contract. The contract-side vulnerability has since been patched, and NEAR Intents said affected funds will be reimbursed in full.
NEAR Intents is designed to make cross-chain trading simpler. Instead of asking users to choose a bridge, exchange or route themselves, they specify the swap they want and independent market makers, known as solvers, compete to complete it behind the scenes. The platform’s website said it has processed more than $30 billion in volume across 35 blockchains.
NEAR NEAR $4.9444 , the native token of the blockchain closely associated with NEAR Intents, was down about 6% over the past 24 hours at the time of writing, though the disclosed vulnerability involved its cross-chain infrastructure rather than the underlying NEAR Protocol blockchain.
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