Near Intents, a cross-chain swap protocol, suspended operations on Thursday following a security breach that resulted in the loss of approximately $3.8 million. The team identified a vulnerability in the interaction between the Omni deposit and withdrawal layer and the platform's main smart contract as the cause of the exploit.
The incident occurred shortly after the platform blocked a $50 million swap attempt linked to the recent Bitget exchange hack, which saw $387.5 million stolen. While the Bitget hack has been attributed to North Korean actors by industry observers, the connection between the two events remains unconfirmed.
Following the breach, the price of the NEAR token fell 8.93 percent to $4.86, while shares of the recently launched Bitwise Near ETF declined by more than 7 percent. Bitwise had initiated the filing for this fund in April 2025, when the token was valued at $2.61.
The development team stated that the smart contract vulnerability has been patched. Core services are expected to resume shortly, though deposits and withdrawals across 11 networks, including BNB Chain, Polygon, and Optimism, remain suspended for approximately 12 hours to finalize infrastructure fixes.
Near Intents has pledged to fully compensate users for the lost funds. The platform, which facilitates swaps across 35 blockchains, has processed over $30 billion in total volume to date. The company is currently working with law enforcement and blockchain analytics firms to track the stolen assets.
