NEAR Intents Recovers $3.8M After Cross-Chain Exploit

| cryptopolitan.com
NEAR Intents recovered the full $3.8 million stolen in an exploit targeting a bug in its Omni deposit-and-withdrawal system. The incident was limited to USDT on BNB Smart Chain, while the NEAR blockchain, NEAR token and other network applications were not affected. NEAR Intents halted services after its SHIELD system detected unusual activity. The vulnerability was patched within an hour, although some deposits and withdrawals remained restricted for about 12 more hours. The platform also promised full compensation and worked with law enforcement, blockchain analytics firms and security partners. General manager Alex Shevchenko gave the attacker 48 hours to return the funds and established an encrypted communication channel. The assets reportedly moved from a BNB Chain hot wallet to KuCoin before being bridged to Bitcoin. The hacker later returned all funds, allowing NEAR Intents to close the investigation. NEAR fell about 6% after the exploit, moving from roughly $4.95 to $4.81. The full recovery may support confidence in NEAR Intents and reduce long-term selling pressure, but the technical failure and service disruption continue to highlight risks in cross-chain infrastructure, stablecoin liquidity and smart-contract integrations. NEAR Intents remains a key security issue for traders monitoring DeFi markets.
Bearish
The immediate price impact on NEAR was bearish. The exploit triggered an approximately 6% decline, reflecting short-term concerns about platform security, service availability and the broader reliability of cross-chain infrastructure. Traders commonly reduce exposure to a project-linked token after a security incident, even when the underlying blockchain is not directly compromised. The full recovery of the stolen funds and the promise of user compensation could limit further selling and support a gradual rebound. The rapid patch, the limited scope of the affected assets and confirmation that the NEAR protocol was not compromised are also constructive signals. However, the incident may continue to weigh on sentiment until independent reviews, stronger contract controls and sustained operational stability are demonstrated. On balance, the confirmed short-term price decline makes the expected impact on NEAR bearish, despite potentially neutralising longer-term damage.