Near Intents Blocks $50M Laundering in Bitget Hack
- Near Intents detected over $50 million in laundering attempts tied to the Bitget hack on Sept. 24.
- The SHIELD system froze $503,000 during execution, while only $166,000 passed through.
- Bitget CEO Gracy Chen praised Near Intents for waiving its recovery bounty share.
- The protocol processes more than $100 million in daily cross-chain trading volume.
Near Intents’ intervention highlights the capability of decentralized protocols to identify and block suspicious transactions without facilitating the movement of stolen funds. This action underscores a growing emphasis on security within DeFi systems, as seen in their decision to waive recovery bounties to aid Bitget’s fund recovery efforts.
By freezing $503,000 and allowing only a small fraction of illicit funds to pass through, Near Intents has demonstrated its commitment to preventing money laundering activities within its platform. (Source)
