NEAR Intents Blocks $50 Million in Transfers Related to Bitget Hack
- NEAR Intents blocked over $50 million in attempted transfers linked to the recent Bitget hack.
- The Bitget hack resulted in the theft of $387.5 million, with funds moving across chains to Ethereum.
- The SHIELD system froze $503,000 during execution, while around $166,000 in suspected stolen funds passed through.
- NEAR Intents will not claim a bounty from Bitget for freezing the funds, allowing more to be returned.
- Circle and Tether blacklisted a wallet linked to the hacker, freezing $318,013 of USDt and USDC.
The actions by NEAR Intents highlight ongoing efforts within the cryptocurrency community to combat illicit activity while maintaining open access protocols. This incident underscores the challenges faced by decentralized systems in balancing security and permissionless access.
In total, NEAR Intents successfully blocked over $50 million tied to the Bitget hackers as part of its commitment to preventing money laundering within crypto ecosystems.
