Summary
- Near Intents halted its services on Thursday after a vulnerability in its Omni deposit and withdrawal system allowed a hacker to steal approximately $3.8 million.
- According to blockchain investigator ZachXBT, the stolen funds were transferred to KuCoin and converted to bitcoin; Near Intents has vowed to fully reimburse affected users and has alerted law enforcement.
- The NEAR token dropped by 6.7% to $4.96 in the aftermath of the hack, occurring just two days after Near Intents blocked a transaction linked to a North Korea-associated hacker.
Near Intents, a platform designed for cross-chain crypto swaps, suspended its services on Thursday after an attacker exploited a flaw that enabled the theft of around $3.8 million. The team indicated that a bug in the Omni deposit and withdrawal mechanism's interaction with the main smart contract, which safeguards user funds, was responsible for the breach.
“Earlier today, NEAR Intents services were halted after a security incident was identified. The incident stemmed from a bug within the Omni deposit and withdrawal infrastructure interacting with the NEAR Intents smart contract,” the team announced on X.
“The incident has been reported to law enforcement, and we are collaborating with security and blockchain analytics firms to track the stolen funds and seek recovery,” they added.
This hack follows a recent action taken by Near Intents just two days prior, when it blocked a $50 million swap attempt from the Bitget hacker, who had previously stolen roughly $387.5 million from the crypto exchange. The connection between the two incidents remains uncertain.
Bitget's CEO Gracy Chen and blockchain analytics company Elliptic have both suggested that North Korea is likely behind the Bitget hack, citing indicative evidence, although this has not been confirmed.
Before this incident, the NEAR network was experiencing positive momentum, as Bitwise launched its NEAR ETF—a fund allowing retail investors to invest in the token via traditional brokerage accounts without needing a crypto wallet—just two days earlier. Following the exploit, NEAR's value dropped 8.93% to $4.86, and ETF shares fell by over 7%.
Bitwise initially submitted an application for the NEAR ETF in April 2025, when the token was priced at $2.61. The token's value has nearly doubled since then.
Near Intents stated that the vulnerability on the contract side has been resolved and that core services are expected to resume within about an hour. However, deposits and withdrawals across 11 networks, including BNB Chain, Polygon, and Optimism, will remain suspended for approximately 12 additional hours while final fixes are applied. The company assured that all lost funds will be compensated in full.
Think of Near Intents as a 24/7 currency exchange where users specify their needs, and competing market makers—trading firms that provide pricing—strive to fulfill those requests. The platform has facilitated over $30 billion in swaps across 35 different blockchains.
As for the specifics of the stolen funds, no details have been released. The absence of traditional bank-style deposit insurance in crypto transactions underscores the significance of the repayment commitment made by Near Intents.
Near Intents has pledged to release a comprehensive report in the upcoming days.