NEAR Intents recovers $4M from exploit, halts investigation

NEAR: NEAR Protocol is a layer-1 blockchain emphasizing scalability and accessible decentralized applications, with NEAR Intents functioning as its cross-chain swap protocol. The platform enables intent-based trading across networks including BSC and others. In the recent exploit event, the NEAR team responded by patching the smart contract flaw, identifying the responsible entity, and securing full fund recovery. Alex Shevchenko: Alex Shevchenko is General Manager of NEAR Intents and has been active in the NEAR ecosystem, including prior roles linked to Aurora. He publicly communicated the identification of the exploit actor and issued a 48-hour repayment window with specific return addresses. Shevchenko emphasized responsible disclosure practices in his statements following the incident. Industry Tools: Bug bounty programs serve as a preferred mechanism in crypto for handling security issues without service disruptions. Security Response: DeFi protocols routinely pause services and patch identified smart contract vulnerabilities immediately upon detection of exploits. Disclosure Practices: Blockchain teams often provide identified actors with a final responsible disclosure window before escalating investigations or involving authorities.