NEAR Intents blocked more than USD 50 million in attempted cross-chain transfers linked to the USD 387.5 million Bitget security breach. Its SHIELD security system flagged suspicious transactions, froze some funds and helped limit the movement of assets associated with the September 24 attack.
NEAR Intents General Manager Alex Shevchenko disclosed the development on September 29. The protocol identified and blocked more than USD 50 million in attempted transfers linked to wallets associated with the Bitget attackers.
The platform uses a network of solvers to facilitate cryptocurrency swaps across different blockchains. Its SHIELD mechanism screens transactions for suspicious activity before completing swaps.
According to Shevchenko, “The system froze nearly USD 503,000 during transaction execution. Another USD 166,000 in suspected stolen funds passed through the protocol before the security intervention.” The blocked transactions were subsequently routed towards other service providers, highlighting the challenges of tracking assets across decentralised networks.
The intervention follows a security breach at Bitget on September 24, when attackers executed unauthorised transfers from some of the exchange's hot and warm wallets. Bitget initially estimated the losses at USD 351.6 million. It subsequently revised the figure to approximately USD 387.5 million after identifying additional affected assets across Zcash and TRON.
The exchange said, “Attackers exploited a vulnerability in a third-party security product to obtain internal access credentials and issue fraudulent withdrawal commands. Bitget confirmed that its cold wallets remained unaffected. It also said the incident did not compromise private keys.” The exchange included cybersecurity firms Mandiant and SlowMist to investigate the breach and support recovery efforts.
NEAR Intents said, “It would forgo the recovery bounty offered by Bitget for freezing and recovering stolen assets. The decision aims to allow a larger share of recovered funds to return to the exchange.” The development also highlights differences in how decentralised protocols handle suspicious transactions.
Also Read: Bitget Security Incident: USD 351.6 Million Affected as Withdrawals Remain Suspended