NEAR Co-Founder Warns of Widespread Software Security Risks
NEAR Protocol co-founder Illia Polosukhin has warned that vulnerabilities in widely used software are exposing internet services to growing cybersecurity risks. He cited PHP, TLS certificates, Node.js and LiteLLM, and called for stronger AI-assisted security, formal verification and cryptographic authentication. He urged users and developers to apply updates, patch vulnerable components and rotate credentials.
Published advisories document specific flaws, but do not confirm a single coordinated attack or widespread exploitation. The warning follows a separate October 1 exploit involving NEAR Intents, in which attackers drained $3.8 million in USDT on BNB Smart Chain. NEAR said it restored the service, fixed the issue and pledged to compensate affected users; the incident was not linked to the software vulnerabilities in Polosukhin’s warning.
NEAR traded near $5.02 on October 22, down 3.61% over 24 hours but up 8.21% over the week. Futures open interest fell 7.45% to $1.50 billion, indicating reduced leveraged positioning without revealing whether longs or shorts led the decline. The cybersecurity warning raises attention to NEAR’s security risks, but the article reports no direct connection to the token’s price move.
Neutral
The news is neutral for NEAR in the near term. Polosukhin’s warning highlights broad software-security concerns, but the cited advisories do not establish a coordinated attack, and the article does not connect these vulnerabilities to a new NEAR exploit or disruption. The earlier $3.8 million NEAR Intents incident is relevant background, but it was reported as a separate event, with the service restored and compensation pledged.
Price and derivatives data point to mixed market conditions rather than a clear reaction to the warning: NEAR was down 3.61% over 24 hours but up 8.21% over the week, while futures open interest fell 7.45% to $1.50 billion. That decline suggests less outstanding leverage, but does not indicate whether bullish or bearish positions were closed. The article also notes support near $4.80 and resistance around $5.62; these levels may matter to traders, but the security comments alone do not establish a directional catalyst.
Historically, confirmed exploits or service outages can trigger sharper, immediate selling as traders reassess operational risk. General security warnings without evidence of a new breach tend to have a less direct effect, though they can increase scrutiny and volatility. Longer term, stronger auditing, formal verification and cryptographic authentication could support confidence in NEAR and other crypto infrastructure if implemented effectively. Conversely, repeated incidents or weaknesses in interconnected services could weigh on trust and increase perceived risk. The evidence here supports monitoring security developments, not a definitive bullish or bearish signal.