- NEAR Intents reported a security breach that led to $3.8 million in user fund losses.
- The platform said it will fully compensate affected users and has patched the contract-side vulnerability.
- ZachXBT said the funds were sent to KuCoin and bridged to Bitcoin.
NEAR Intents said a security breach caused $3.8 million in user fund losses after a bug affected its deposit and withdrawal setup. In a Thursday X post, the cross-chain protocol said the issue came from a bug in the Omni deposit and withdrawal infrastructure interaction with the NEAR Intents smart contract. The platform added that affected users will be compensated in full. It also said the contract-side vulnerability has been patched to help stop similar attacks. The incident came after the protocol had assisted Bitget following the exchange’s recent security breach.
NEAR Intents reports $3.8 million exploit
The platform said the losses stemmed from a flaw tied to deposits and withdrawals. More specifically, NEAR Intents said the breach was caused by a bug in the Omni deposit and withdrawal infrastructure interaction with its smart contract. The statement was shared in a Thursday post on X.
NEAR Intents described the incident as a security breach that resulted in the loss of $3.8 million in user funds. It also said the contract-side vulnerability has already been patched. According to the protocol, the aim of that fix is to prevent similar attacks from happening again.
User compensation and recovery steps at NEAR Intents
NEAR Intents said it will compensate users in full for the lost funds. The protocol did not give a timeline in the source material, but it stated clearly that affected users would be made whole following the exploit.
The platform also said the case has been reported to law enforcement. In addition, it said it is working with security and blockchain analytics partners to trace the funds and pursue recovery. NEAR Intents added that a detailed report will be shared publicly in the following days.
Fund movements linked to the NEAR Intents breach
According to blockchain investigator ZachXBT, funds from the incident were transferred to the KuCoin exchange and then bridged to Bitcoin. At the time of publication, it was still unclear who was behind the hack.
The source also noted that the exploit happened after the protocol assisted Bitget, which suffered a $388 million security breach last week. NEAR Intents said it blocked $50 million and froze more than $500,000 in funds tied to that attack.
Bitget link and wider context
Bitget CEO Gracy Chen speculated that North Korean hackers may have been responsible for the Bitget breach. The source did not connect that claim directly to the NEAR Intents exploit, and it remained unclear who carried out the latest attack at the time of publication.
The report also pointed to broader market losses from security incidents. A related item said Bitget’s $388 million hack pushed Q3 crypto security losses past $1 billion. Within that setting, the NEAR Intents incident added another major loss event involving user funds.
Conclusion
NEAR Intents said a bug in the Omni deposit and withdrawal infrastructure interaction with its smart contract led to a $3.8 million loss in user funds. The protocol stated that users affected by the exploit will be fully compensated and that the contract-side vulnerability has been patched. It also said the matter has been reported to law enforcement and that it is working with security and blockchain analytics partners to trace the funds and seek recovery. Based on ZachXBT’s analysis, the funds moved to KuCoin and were bridged to Bitcoin, while the identity of the attacker remained unknown at publication.
Disclaimer
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