NEAR Intents blocks $50 million tied to Bitget hack
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- NEAR Intents says its SHIELD system blocked more than $50 million in attempted transfers linked to the Bitget hack.
- About $503,000 was frozen during execution, while roughly $166,000 in suspected stolen funds passed through.
- The intervention adds to the debate over how permissionless crypto infrastructure should handle stolen assets.
NEAR Intents says it has blocked more than $50 million in transfers linked to the Bitget hack.
The September 24 attack drained about $387.5 million from Bitget before funds moved across blockchains.
“The people who build these systems make choices about what those protocols enable,” NEAR Intents general manager Alex Shevchenko said in a post on X.
NEAR Intents said its SHIELD system detected and blocked more than $50 million in attempted transfers.
About $503,000 was frozen during execution, while roughly $166,000 in suspected stolen funds passed through.
Much of the stolen cryptocurrency moved across chains before converging on Ethereum (ETH), Shevchenko said.
NEAR Intents will also waive its share of Bitget’s 5% recovery bounty, leaving more funds available for recovery.
Following the update, NEAR was trading down 12.9% at about $4.58.
