⏱ 2 min read
▼ 0.01%
NEAR attributed the incident to a bug in the Omni–NEAR Intents interaction, said the vulnerability is patched and promised a detailed report as investigators trace funds.
NEAR said it will fully reimburse users affected by an exploit involving the NEAR Intents smart contract, attributing the incident to a bug in how Omni’s deposit and withdrawal infrastructure interacted with the contract. The protocol said the contract-side vulnerability has been patched, it has notified law enforcement, and it is working with security and blockchain analytics firms to trace the funds. A detailed incident report will be shared in the coming days.
Blockchain investigator ZachXBT said the stolen funds were transferred to the KuCoin exchange and then bridged to Bitcoin. The identity of the attacker remains unknown.
The incident follows NEAR Intents’ assistance to exchange Bitget after its $388 million security breach last week. NEAR Intents said it helped block $50 million and freeze more than $500,000 tied to that separate attack. Bitget CEO Gracy Chen has speculated that North Korean hackers may have been responsible for the Bitget breach.
Moving funds through a centralized exchange can create a recovery path if deposits are identified and frozen, while bridging to Bitcoin can make on-chain tracing and asset recovery harder. Whether any assets have been frozen at KuCoin has not been disclosed.
Key details are still missing, including the size of losses from the NEAR Intents exploit and how reimbursements will be funded and executed. NEAR’s promised post-mortem, and any exchange notices, will determine how much can be recovered and the ultimate impact on users and the protocol.
What to watch next
- The detailed incident report from NEAR outlining root cause, scope and remediation.
- Any statement from KuCoin on identifying or freezing deposits linked to the exploit.
- Clarity on reimbursement size, funding source and timeline.
- Further tracing updates from blockchain analytics firms.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
NEAR’s make‑whole pledge converts a smart‑contract failure into protocol balance‑sheet risk. Whether that’s sustainable hinges on the loss size and funding source for reimbursements. One practical swing factor for recovery odds is whether KuCoin identified and froze deposits before funds moved onto Bitcoin.
Daily crypto intelligence. Before the market opens.
Including the Divergence Index — the sentiment gap no other newsletter tracks. Free, every morning at 7:30am ET.
✓ Free forever · ✓ No spam · ✓ 50+ sources monitored
