NEAR Intents reports $3.8 million loss after smart contract bug

NEAR Intents reports $3.8 million loss after smart contract bug

The team is working with security and blockchain analytics partners to trace the affected funds and pursue recovery.

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by Estefano Gomez

NEAR Intents, a multichain execution and settlement protocol built around intent-based transactions, has confirmed a security incident that resulted in approximately $3.8 million in losses.

In a statement issued on X on Oct. 1, the team said the issue was caused by a bug in how the Omni deposit and withdrawal infrastructure interacted with its smart contract. The platform said it would fully compensate the affected funds.

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The smart-contract vulnerability has been patched, and NEAR Intents and near.com were expected to resume operations within about an hour, as noted by the team.

However, deposits and withdrawals on BSC, Polygon, TON, Optimism, Avalanche, Stellar, Monad, LayerX, Adi, Scroll and Plasma were expected to remain unavailable for about 12 hours while Omni-related fixes were completed.

NEAR Intents said users holding assets from the affected networks would not lose access to those assets. Once the platform is back online, users will be able to swap the assets into other supported tokens, including assets held in the platform’s hot wallet or on near.com.

The incident has been reported to law enforcement, and NEAR Intents is working with security and blockchain analytics partners to track the stolen funds and seek their recovery. The company said it would release a detailed incident report in the following days.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
FINANCE
NEAR Intents reports $3.8 million loss after smart contract bug
NEAR Intents reports $3.8 million loss after smart contract bug

The team is working with security and blockchain analytics partners to trace the affected funds and pursue recovery.

by Estefano Gomez

Share

Add us on Google

NEAR Intents, a multichain execution and settlement protocol built around intent-based transactions, has confirmed a security incident that resulted in approximately $3.8 million in losses.

In a statement issued on X on Oct. 1, the team said the issue was caused by a bug in how the Omni deposit and withdrawal infrastructure interacted with its smart contract. The platform said it would fully compensate the affected funds.

Advertisement

The smart-contract vulnerability has been patched, and NEAR Intents and near.com were expected to resume operations within about an hour, as noted by the team.

However, deposits and withdrawals on BSC, Polygon, TON, Optimism, Avalanche, Stellar, Monad, LayerX, Adi, Scroll and Plasma were expected to remain unavailable for about 12 hours while Omni-related fixes were completed.

NEAR Intents said users holding assets from the affected networks would not lose access to those assets. Once the platform is back online, users will be able to swap the assets into other supported tokens, including assets held in the platform’s hot wallet or on near.com.

The incident has been reported to law enforcement, and NEAR Intents is working with security and blockchain analytics partners to track the stolen funds and seek their recovery. The company said it would release a detailed incident report in the following days.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.