hack or exploit

NEAR Defends Blocking Bitget Hack Funds, Says Permissionless ‘Doesn’t Mean Neutral’

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After the September 24 Bitget hack, several cross-chain services and other protocols moved to block or freeze related transfers, while some attempted transfers still slipped through or landed on the wrong network. Bitget later reopened withdrawals, and its reported asset balance remained above $6.7 billion after the incident.

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Key claims & sources

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Chainflip rejected a deposit after about 100 Solana tokens entered its vault, and the funds were returned to the wallet.
Bitget Hack-Linked Wallet’s Chainflip Transfer Rejected by Broker
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On September 24, Bitget was hacked, and the stolen amount was reported at roughly $388 million.
Bitget attackers look for alternative laundering venues as NEAR, Chainflip…
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By September 29, NEAR Intents and Chainflip had joined Tether and Circle among the protocols that had turned away or frozen funds tied to the hack.
Bitget attackers look for alternative laundering venues as NEAR, Chainflip…
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NEAR Intents said its SHIELD system detected more than $50 million in attempted transfers linked to the hack and stopped most of them, with about $503,000 frozen mid-execution.
NEAR Intents Says It Froze $503,000 in Bitget Hack Funds
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NEAR Intents said about $166,000 moved through its swap system, and Bitget waived NEAR Intents’ share of the recovery bounty.
NEAR Intents Says It Froze $503,000 in Bitget Hack Funds
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Security firm SlowMist said stolen Bitget funds were being converted to Bitcoin through CoW Protocol orders paired with Chainflip deposit addresses, while Chainflip tried to block those flows.
Stolen Bitget Funds Converted to BTC via CoW, Chainflip: Report

What it means

Users moving assets across NEAR Intents and Chainflip are seeing more transfers stopped, frozen, or returned than before, and that changes what is immediately reachable through those routes. Bitget users also saw withdrawals reopen after the hack, while the exchange said it still held more than $6.7 billion in assets after the incident.

In practice, cross-chain swap routes are now being used with more active screening than before, and some flows linked to the hack have been blocked before completion. That does not change the fact that some funds still moved through the swap system and some transfers still landed on the wrong network or in the wrong channel. (per thedefiant.io)

Market reaction i

NEAR ProtocolNEAR it is the asset of the company or protocol in the event
first headline
-1.0% 2 h before
+1.4% 4 h after
$4.84price at publication
12data points

Coverage timeline

Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.

first
Sep 29 10:03
+27 min
Sep 29 10:29
CR Cryptopolitan adds
Adds $388M and $100M, with quotes
+4 h 1 m
Sep 29 14:03
The Defiant echo
No new facts: proceeding, attempted, transfers; with quotes
+6 h 40 m
Sep 29 16:42
+1 d 7 h
Sep 30 17:03
CP CryptoPotato adds
Brings into the story: BTC, with quotes

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