$50 million in Bitget hacker swaps puts NEAR Intents’ ‘permissionless’ claim to the test
Source: CoinDesk ·
From the source
The swap service identified more than $50 million in attempted transfers, although most rejected funds subsequently moved through other providers. Crypto swap platform NEAR Intents calls itself permissionless, open and uncensorable. Yet it slammed the doors when stolen funds from Bitget tried to move through the protocol. The attackers who siphoned off $388 million from Bitget exchange last week tried to move more than $50 million through NEAR Intents, a service that lets users exchange assets across different blockchains, according to a report by NEAR Intent’s general manager, Alex Shevchenko. The protocol’s “SHIELD” system blocked most transfers and froze $503,000 midway through the transaction, taking a different approach from THORChain, which has resisted the exchange’s request to block attacker addresses. About $166,000 passed through, while the restricted funds await a legal and recovery process, he said. The larger figure represents attempted transfers rather than money…