Cross-chain protocol NEAR Intents has experienced a significant security breach, resulting in the loss of $3.8 million in user funds. The incident was attributed to a bug in the Omni deposit and withdrawal infrastructure that interacted with NEAR Intents' smart contract.
In a post on Thursday, NEAR Intents assured users that they would be fully compensated for their losses and that the vulnerability has been addressed to prevent future incidents. The platform is actively working with law enforcement and blockchain analytics partners to trace the stolen funds.
According to blockchain investigator ZachXBT, the stolen funds were transferred to the KuCoin exchange and subsequently bridged to Bitcoin. The identity of the hacker remains unknown at this time.
This exploit follows NEAR Intents' assistance to the Bitget exchange, which recently suffered a $388 million breach. NEAR Intents has managed to block $50 million and freeze over $500,000 related to the attack, with speculation around North Korean hackers being involved, as suggested by Bitget's CEO Gracy Chen.