NEAR Intents Hit by $3.8M Exploit, Pauses Cross-Chain Services

NEAR Intents exploit — The cross-chain trading platform NEAR Intents suffered a security exploit on Thursday, resulting in losses of approximately $3.8 million and forcing a temporary pause of its services.

The project attributed the incident to a bug in its Omni deposit and withdrawal system and related smart contract. It stated the vulnerability has been patched and pledged to reimburse affected users in full.

In response to the attack, NEAR Intents paused its cross-chain services and temporarily restricted deposits and withdrawals across several blockchains. The platform has reported the incident to law enforcement and engaged security firms to help trace the stolen funds.

An investigator noted that the funds were sent to the KuCoin exchange and converted into bitcoin. The exploit adds to a series of significant security incidents affecting the crypto sector this year.