NEAR Protocol freezes $503K from Bitget hack, blocks $50M in laundering
Summary
NEAR Protocol announced that it has frozen $503,000 linked to the recent $387.5 million Bitget hack and prevented over $50 million in attempted laundering through its NEAR Intents feature. This action highlights NEAR's commitment to security, as the protocol emphasizes that its permissionless system does not accommodate the processing of stolen or laundered assets.
Tokens
$NEAR
Analysis
Bitget: Bitget is a global cryptocurrency exchange offering trading, derivatives, and related services. The news directly references it as the target of a large-scale hack, with recovered funds subsequently addressed on the NEAR network. NEARProtocol: NEAR Protocol is a layer-1 blockchain platform designed for high scalability and developer-friendly applications. In the reported event, the project announced it had frozen assets linked to the Bitget exchange hack and blocked additional laundering attempts through its NEAR Intents system. The statement underscores the platform's position that permissionless infrastructure does not extend to facilitating illicit financial flows. Policy Position: The NEAR Intents system explicitly does not support the processing of stolen or laundered cryptocurrency assets despite its permissionless design. Security Measures: NEAR Protocol has taken direct action to freeze assets tied to an exchange breach and prevent further laundering via its Intents feature.
Categories
deficryptoethereumon_chain_whale