NEAR Intents Will Reimburse Users After $3.8 Million Exploit

NEAR Intents will reimburse users for an estimated $3.8 million lost in an exploit that disrupted deposits and withdrawals across several blockchain networks.

The incident led the cross-chain trading platform to pause services and restrict deposits and withdrawals involving BNB Smart Chain, Polygon, TON, Optimism, Avalanche, Stellar, Monad, X Layer, ADI, Scroll and Plasma while repairs continued. Its main service was expected to resume sooner.

The team attributed the vulnerability to an interaction between its Omni system and a NEAR Intents smart contract. The contract flaw has been patched. The team also reported the incident to law enforcement and engaged security and blockchain analytics firms to trace the funds.

The reimbursement commitment has no announced completion date. NEAR Intents facilitates swaps across blockchain networks and its website lists more than $30 billion in all-time volume across 35 chains.