Near Intents Recovers $3.8M After Cross-Chain Exploit

| decrypt.co
Near Intents recovered the full $3.8 million stolen in a cross-chain exploit after its general manager, Alex Shevchenko, gave the attacker 48 hours to return the funds. The recovery covers assets including Bitcoin, BNB, Ethereum and Solana, reducing the risk of direct losses for users. The exploit was caused by a flaw involving Near Intents’ Omni deposit and withdrawal layer and its main smart contract. The platform suspended services, promised full user compensation and reported the incident to law enforcement. Blockchain investigator ZachXBT said the assets were moved to KuCoin and later bridged to Bitcoin. An on-chain message attributed to the attacker admitted wrongdoing, praised the team’s response and encouraged hackers to use bug bounty programmes. Near Intents said it had ended its investigation. The platform supports swaps across 35 blockchains and has processed more than $30 billion in volume. For traders, the Near Intents recovery limits immediate user-loss concerns but does not remove broader smart-contract and cross-chain security risks. The incident may keep security and service-restoration updates in focus, while the recovered funds are unlikely to create a lasting price catalyst for the cryptocurrencies involved.
Neutral
The recovery of the $3.8 million reduces immediate concerns about user losses and may support confidence in Near Intents’ handling of the incident. However, it does not directly improve the fundamentals or demand outlook for Bitcoin, BNB, Ethereum, Solana or other assets involved. In the short term, traders may react to service-restoration updates, security findings and any movement of the recovered funds, but the price effect is likely to be limited. Longer term, the exploit reinforces persistent risks in smart contracts, cross-chain bridges and custody routes. Such incidents can temporarily increase volatility and encourage traders to reduce exposure to platforms with unresolved security issues. Because the funds were recovered and the investigation has ended, the event is less bearish than a permanent loss, but the absence of a direct bullish catalyst supports a neutral classification.