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NEAR Intents Issues Ultimatum to Attacker Following $3.8 Million Exploit
NEAR Intents has set a 48-hour deadline for the return of approximately $3.8 million in stolen funds following a security breach on October 1, 2026. The exploit primarily involved USDT, a stablecoin issued by Tether, and was traced back to a treasury contract on the BNB Chain. The protocol's general manager announced the ultimatum, providing three addresses for the funds to be returned.
The exploit was caused by a bug in the protocol's Omni deposit-and-withdrawal infrastructure, which affected its smart contracts. Upon discovering the breach, NEAR Intents promptly halted services and patched the flaw within an hour. While core services resumed quickly, some cross-chain features remained offline for further repairs. The protocol is collaborating with law enforcement and blockchain analytics firms to track the stolen assets, which have reportedly been converted to Bitcoin after being traced to the centralized crypto exchange KuCoin.
This incident has impacted the NEAR token, which saw a decline of 6% to 10% following the announcement of the exploit. Despite this, the underlying NEAR Protocol and its other applications were not directly affected. NEAR Intents has committed to fully compensating users impacted by the exploit, marking a shift from damage control to a more assertive approach in addressing the situation. This is not the first time NEAR Intents has faced security challenges, as it previously blocked suspicious transactions linked to another hack.
Source: KLEA News