NEAR Intents Suffers $3.8M Exploit, Issues 48-Hour Return Ultimatum
NEAR Intents halted services Wednesday after identifying a $3.8 million exploit isolated to USDT on Binance Smart Chain and gave the attacker 48 hours to return the funds. The protocol pledged full compensation to affected users and suspended deposits and withdrawals across 11 networks while conducting infrastructure repairs.
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The Exploit and Response
NEAR Intents halted operations after discovering a $3.8 million exploit affecting USDT on Binance Smart Chain. The team identified the attacker's address and issued a 48-hour ultimatum for the hacker to return the funds, according to reports from CryptoPotato. NEAR Intents subsequently announced it would provide full compensation to affected users and suspended deposits and withdrawals across 11 networks while repairing its infrastructure, The Defiant reported.
Scope of the Attack
The vulnerability was isolated to USDT transactions on BSC. The core NEAR blockchain and the NEAR token itself were unaffected by the exploit, according to CryptoPotato. The attack did not compromise assets on other supported networks, limiting the damage to a single stablecoin bridge.
Ongoing Recovery Efforts
NEAR Intents has not disclosed a timeline for full service restoration. The suspension of deposits and withdrawals across the 11 supported networks remains in effect during the infrastructure review. The protocol's commitment to reimburse users in full represents a significant operational cost but aims to preserve user confidence pending resolution of the incident.
Why It Matters
For Traders
USDT liquidity on NEAR Intents remains suspended; traders relying on that bridge for arbitrage or stablecoin access need alternate routes or delayed settlement.
For Investors
A $3.8M exploit in a mid-tier DeFi protocol signals ongoing smart contract risk; full compensation pledges can strain reserves if exploitation becomes recurring.
For Builders
The exploit's isolation to a single stablecoin bridge on BSC suggests cross-chain vulnerability patterns worth auditing in similar intent-based architectures.
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