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NEAR Intents Bug Sends $3.8M Racing Across Crypto Networks
NEAR Intents stopped services after a bug in its Omni deposit and withdrawal system caused an estimated $3.8 million loss. The team said every dollar will be compensated, while investigator ZachXBT reported the stolen funds moved quickly toward Kucoin and then over a bridge into Bitcoin.
Published:
Updated:
What happened
NEAR Intents stopped services after a bug in its Omni deposit and withdrawal system caused an estimated $3.8 million loss. The team said every dollar will be compensated, while investigator ZachXBT reported the stolen funds moved quickly toward Kucoin and then over a bridge into Bitcoin.
Confirmed
Global impact / market context
When a bridge that moves money between crypto networks fails, users may lose quick access to funds. Compensation promises can rebuild trust, but they use project money that might otherwise pay for growth, so investors should weigh both the payout and the paused service.
Analyst inference
This event adds to worries about cross-chain bridges, which are tools that lock coins on one network and release them on another. The quick move into Bitcoin suggests the thief wanted a widely traded asset, and the link to Kucoin may draw regulatory attention to exchange controls.
Analyst inference
What to watch
- NEAR Intents has halted services, and several networks remain temporarily cut, so users cannot move funds through the affected deposit and withdrawal system. Confirmed
- The team has said every dollar will be compensated, so investors should watch whether the payout actually reaches affected users and whether the project funds it without cutting other spending. Proposed
- Watch whether Kucoin or Bitcoin network data reveal more about the stolen funds, because that could lead to recovered money, added regulatory scrutiny, or changes in how exchanges screen deposits. Analyst inference
Affected assets
- BTC — Bitcoin
- NEAR — NEAR Protocol
- KCS — KuCoin