NEAR Intents Blocks Over $50 Million in Bitget Hack Fund Swaps

This event underscores the ongoing vulnerabilities in the crypto ecosystem and the critical role of protocols in preventing money laundering.

• NEAR Intents blocked over $50 million in attempted cross-chain swaps linked to the Bitget exchange hack.
• $503,000 was frozen mid-execution, while approximately $166,000 was allowed to complete before detection.
• Bitget's CEO praised NEAR Intents for its proactive measures, contrasting with other protocols that processed stolen funds.

• Bitget suffered a breach on September 24, 2026, resulting in approximately $387.5 million being transferred to attacker-controlled addresses.
• Attackers utilized cross-chain swaps to launder funds, primarily converting stablecoins to evade centralized freezes.
• NEAR Intents' SHIELD system flagged suspicious transactions, demonstrating the effectiveness of risk-intelligence layers in blockchain protocols.

The recent incident involving NEAR Intents and the Bitget hack illustrates a critical moment in the evolution of blockchain security and the ongoing battle against crypto theft. On September 24, 2026, Bitget experienced a significant security breach, leading to the theft of approximately $387.5 million. In the days following, attackers attempted to launder over $50 million through NEAR Intents, a cross-chain protocol designed to facilitate transactions across different blockchain networks.

NEAR Intents employs a risk-intelligence layer known as SHIELD, which aggregates signals from various sources, including Know Your Transaction (KYT) providers and intelligence firms. This system is designed to identify and block suspicious transactions before they can be executed. In this case, the SHIELD system successfully flagged the majority of the attempted swaps as suspicious, rejecting them prior to execution and redirecting the funds elsewhere. Notably, $503,000 was frozen mid-swap, while approximately $166,000 was allowed to complete before detection.

This incident raises important questions about the nature of permissionless protocols. NEAR Intents' General Manager, Alex Shevchenko, emphasized that the platform's permissionless infrastructure does not necessitate neutrality toward known stolen assets. This stance contrasts sharply with other protocols, such as THORChain, which processed approximately $6.3 million in related swaps despite Bitget's requests to block those transactions. The decision to waive any recovery bounty offered by Bitget further distinguishes NEAR Intents' approach, focusing on legal recovery processes rather than automatic seizure of funds.

The aftermath of this incident has sparked a broader debate within the crypto community regarding the balance between protocol neutrality and anti-money laundering measures. While some argue that permissionless systems should not discriminate against any transactions, others contend that protocols have a responsibility to prevent the facilitation of theft. The frozen funds are now directed through legal channels, highlighting a shift towards more proactive measures in the crypto space.

As the industry grapples with these challenges, the NEAR Intents incident serves as a case study in the evolving landscape of blockchain security and the ongoing efforts to combat crypto-related crime.

• Crypto exchanges: Increased scrutiny and pressure to implement robust security measures.
• Investors: Heightened awareness of risks associated with cross-chain transactions.
• Regulatory bodies: Potential for new regulations aimed at enhancing security protocols in the crypto space.

• Future security breaches: Monitor how other exchanges respond to similar threats and the effectiveness of their security measures.
• Regulatory developments: Watch for potential new regulations targeting anti-money laundering practices in the crypto industry.
• Protocol responses: Observe how other blockchain protocols adapt their policies in light of NEAR Intents' actions and the ongoing debate about transaction neutrality.