NEAR Intents Reports $3.8 Million Loss in Cross-Chain Exploit

NEAR Intents reported a preliminary loss of about $3.8 million in a security exploit involving its cross-chain service, exposing a vulnerability in infrastructure that connects transactions across blockchain networks.

The incident involved a flaw in the interaction between the protocol’s Omni deposit and withdrawal system and a NEAR Intents smart contract. The affected funds were held in a USDT pool on BNB Chain. NEAR Intents pledged to reimburse affected users in full and said it had patched the contract vulnerability.

NEAR Intents is a cross-chain protocol that lets users move or swap assets across different networks. The incident highlights the security risks in the systems that handle deposits and withdrawals between blockchains.