Morning Minute: NEAR Intents Hacked for $3.8M - Was It A Bullish Hack?
NEAR Intents was hacked for about $3.8 million after a flaw in the layer that moved funds between chains and the main contract holding user assets. ZachXBT traced the stolen funds to KuCoin, where they were converted to bitcoin. The team reported the incident to law enforcement and said a full report is coming. NEAR Intents, a private cross-chain swap tool used across 35 networks and over $30 billion in volume, shut down briefly but restored core services within about an hour. Deposits and withdrawals on 11 networks stayed paused longer while the fix was completed. All affected users will be reimbursed in full. The breach pressured NEAR’s token, which fell nearly 9%, and the Bitwise NEAR ETF dropped more than 7% shortly after launch. Despite the loss, the response was fast and contained, making this one of the least damaging major crypto hacks in recent memory.
