NEAR Blocked $50 Million of Bitget’s Stolen Money, Then Lost $3.8 Million of Its Own Two Days Later. Is NEAR Still Safe to Hold After a 182% Monthly Surge?
NEAR Protocol blocked $50M from Bitget hackers but lost $3.8M in its own exploit. Despite a 182% monthly surge, NEAR dropped 9.1% on October 1. The hacker returned the stolen funds, and NEAR Intents plans to compensate users. NEAR trades at $4.69 as of October 3, down 77% from its January 2022 peak.
How this was made
The 30-second read
Why it matters
While the $3.8M loss was quickly returned, the events expose bridge vulnerabilities that could affect investor confidence.
Market read
Security incidents on a high‑growth crypto asset may temper its rally and influence broader bridge‑security sentiment.
What to watch
NEAR's underlying protocol remains functional and the incident may attract developers focused on security improvements.
Background
NEAR Protocol's cross‑chain swap service, NEAR Intents, recently faced two security incidents involving stolen funds.
Ticker impact
NEAR Protocol blocked $50M from Bitget hack and later lost $3.8M in an internal exploit, then the hacker returned the funds.
potential downward pressure as traders price in security concerns
Recent loss and hack exposure may trigger sell‑offs despite the rapid return of funds.
Market effects
Highlights security challenges for cross‑chain bridge providers in the crypto sector.
Limited to crypto markets; no broader regional equity impact.
Reinforces scrutiny of bridge security across global crypto ecosystems.
Counterpoint
The swift return of the $3.8M may reassure holders and support a bounce.
Key entities
- cryptocurrencyNEAR Protocol
Public blockchain platform with native token NEAR.
- exchangeBitget
Cryptocurrency exchange whose hack prompted the $50M block.
