SHIELD

Refund

NEAR Protocol

Omni

<p><a href="https://x.com/near_intents" rel="noopener noreferrer nofollow">@near_intents</a> is back online following a $3.8 million exploit on October 1, 2026, though several chains remain under restricted service while repairs continue. The incident has prompted <a href="https://x.com/NEARProtocol" rel="noopener noreferrer nofollow">@NEARProtocol</a> co-founder <a href="https://x.com/ilblackdragon" rel="noopener noreferrer nofollow">@ilblackdragon</a> to lay out a set of measures aimed at hardening the protocol against future attacks.</p>
<h2 id="how-the-exploit-unfolded">How the exploit unfolded</h2>
<p>According to the NEAR Intents team, the breach stemmed from a bug in the way the NEAR Intents smart contract interacted with the Omni deposit and withdrawal infrastructure. The team confirmed a total loss of roughly $3.8 million and pledged to reimburse every affected user in full. The NEAR token fell sharply in the immediate aftermath, sliding from around $5.50 to $4.70 as investors digested the news.</p>
<p>Before the protocol was paused, SHIELD, an AI-powered monitoring layer built into NEAR Intents, flagged the unusual activity. SHIELD works by pulling signals from know-your-transaction providers, independent researchers, and industry partners to identify transactions linked to known exploits or suspicious behavioral patterns. The system had already demonstrated its value days earlier, when it intercepted more than $50 million in attempted laundering flows tied to the separate Bitget breach.</p>
<h2 id="what-comes-next-for-near-protocol-security">What comes next for NEAR Protocol security</h2>
<p>Illia Polosukhin said the <a href="https://x.com/NEARProtocol" rel="noopener noreferrer nofollow">@NEARProtocol</a> ecosystem will add formal verification to its release process. Formal verification uses mathematical logic to prove that code behaves correctly for every possible input, offering a stronger guarantee than conventional testing or manual audits alone. As security firm Nethermind notes, it provides "the strongest possible correctness and security guarantees" for protocols that handle significant on-chain value, where exploits can lead to immediate and irreversible losses.</p>
<p>Polosukhin also invited other development teams to join the SHIELD network and contribute threat intelligence, with the goal of shortening the time between detection and response across the wider ecosystem. The call reflects a broader push in the industry to treat security monitoring as a shared resource rather than a competitive advantage held by individual protocols.</p>
<p>With more than $25 billion in lifetime trading volume processed through NEAR Intents, the protocol's scale makes robust security infrastructure a necessity rather than an optional addition.</p>
<p><strong>Sources:</strong><br><a href="https://www.cryptometer.io/news/near-intents-exploit-drains-3-8-million-as-11-networks-face-restrictions/" rel="noopener noreferrer nofollow">NEAR Intents Exploit Drains $3.8 Million as 11 Networks Face Restrictions (Cryptometer)</a><br><a href="https://airdropalert.com/blogs/near-intents-exploit/" rel="noopener noreferrer nofollow">NEAR Intents Exploit: $3.8M Drained, Full Refund Promised (Airdrop Alert)</a><br><a href="https://www.nethermind.io/formal-verification" rel="noopener noreferrer nofollow">Formal Verification for Blockchain and Smart Contracts (Nethermind)</a></p>

After the NEAR Intents exploit, NEAR raises the bar on code checks

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