NEAR Intents, a cross-chain protocol, has announced that it blocked more than $50 million in attempted transfers linked to the recent Bitget hack, which resulted in a theft of $387.5 million. The protocol's SHIELD system detected and halted these transactions, allowing for the freezing of $503,000 during execution.
According to Alex Shevchenko, general manager of NEAR Intents, a significant portion of the stolen funds moved across chains to Ethereum. He highlighted the challenge that permissionless crypto protocols face in balancing open access with the need to curb illicit activities.
Shevchenko argued that permissionless systems do not have to be entirely neutral, stating that refusing to facilitate the laundering of stolen assets is a critical choice for protocol developers. He emphasized that a financial system that allows unrestricted monetization of stolen assets undermines property rights and market integrity.
In a notable decision, NEAR Intents will forgo a 5% bounty offered by Bitget for freezing the attackers' funds, opting instead to ensure that more funds are returned to Bitget through legal channels. This move follows similar actions by Circle and Tether, which blacklisted a wallet linked to the exploit.
While Bitget's CEO called on THORChain to take similar actions against the attackers, THORChain has maintained its stance against selective censorship, stating that any network halts are broad emergency measures rather than targeted freezes.