$50 Million Bitget Hack Raises Questions on NEAR Intents’ Permissionless Model
- Bitget reported a security breach on September 24, leading to $50 million in unauthorized swaps.
- Circle and Tether have frozen approximately $320,000 in stablecoins linked to the hack.
- NEAR Intents claims to use SHIELD technology to detect suspicious transactions and can delay them based on risk assessments.
- Critics question the “permissionless” label of NEAR Intents due to its ability to hold funds during investigations.
The incident highlights vulnerabilities within cryptocurrency exchanges and raises concerns about the balance between open systems and security measures. The ability of NEAR Intents to intervene in transactions has sparked debate over its classification as a permissionless service.
With $50 million at stake from the Bitget breach, the scrutiny on NEAR Intents’ operational model intensifies, questioning how decentralized platforms manage security risks effectively. (Source)
