NEAR Intents, a protocol enabling seamless asset swaps across blockchains, halted operations on October 1 after an attacker extracted approximately $3.8 million. The team attributed the incident to a vulnerability in the interaction between its Omni deposit-and-withdrawal layer and the core smart contract that holds user funds.

The exploit allowed unauthorized withdrawals from a hot wallet on BNB Chain. Stolen assets were rapidly moved to KuCoin and then bridged into Bitcoin. On-chain analysis confirmed the path of the funds, prompting the protocol to engage law enforcement and blockchain analytics firms in recovery efforts.

Core platform functions, including the main near.com site, were expected to resume within roughly one hour once the smart-contract issue was patched. However, deposits and withdrawals remained suspended for about 12 additional hours across 11 networks. These included BNB Chain, Polygon, Optimism, Avalanche, TON, Scroll, Stellar, Monad, LayerX, Adi and Plasma. Users with assets from the affected networks could still convert them once basic services returned.

Compensation Commitment and Operational Response

NEAR Intents stated that all lost funds would be repaid in full from the project treasury. Assets remaining inside the system were described as secure and convertible upon resumption of service. The protocol also confirmed it had already reported the matter to authorities and was collaborating with security partners to track the Bitcoin proceeds.

A detailed post-incident report is planned for publication in the coming days. The team noted that the contract-side vulnerability has been closed.

Market Reaction and Recent Context

The native NEAR token declined between roughly 7 percent and 9 percent in the hours after the announcement. Prices moved from the mid-$5 range toward $4.84, briefly touching levels near $4.75–$4.76 before a partial rebound. Shares of the recently launched Bitwise NEAR exchange-traded fund also fell more than 7 percent.

The timing followed a period of strong momentum for the NEAR ecosystem. Total value locked had climbed from about $90 million in August to more than $260 million by late September before easing to around $235 million. NEAR itself had advanced from below $2 in late August toward $5.50, supported in part by the ETF debut two days earlier. The token had nearly doubled since Bitwise filed related paperwork in April 2025 when it traded near $2.61.

Only two days before the exploit, NEAR Intents had blocked a $50 million swap attempt linked to the Bitget exchange hack, in which approximately $387.5 million was stolen. That earlier action involved the protocol’s SHIELD security system. No confirmed connection exists between the blocked Bitget-related activity and the subsequent $3.8 million incident.

Protocol Role and Broader Implications

NEAR Intents functions as an intents-based layer that abstracts cross-chain complexity. Users or automated agents state a desired outcome, such as exchanging one asset for another across networks, and competing market makers fulfill the order. The system has processed more than $30 billion in volume across 35 blockchains.

Cross-chain bridges and intermediate custody layers remain a frequent point of vulnerability in the industry, as large pooled liquidity can attract attackers. In this case, the failure occurred at an integration point rather than through an external defense breach. The protocol’s rapid containment steps and explicit compensation guarantee limited immediate user losses, though service interruptions affected multiple connected networks for several hours.

As of the latest updates, recovery work continues alongside the gradual restoration of full deposit and withdrawal capabilities.