Bitwise NEAR ETF slammed by immediate $3.8M exploit
Bitwise launched a US NEAR ETF, and less than 48 hours later, a $3.8 million exploit on NEAR Intents knocked the token down 10%.
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Key takeaways
- Bitwise launched a US NEAR exchange-traded fund less than two days before the breach.
- NEAR Intents reported a $3.8 million exploit in its Omni deposit-and-withdrawal infrastructure.
- NEAR token fell about 10% down to $4.86 following the incident.
Wall Street's newest crypto fund just ran straight into real-world chaos. Less than two days after Bitwise launched its US NEAR exchange-traded fund, a $3.8 million security breach hit the token's ecosystem.
An instant stress test
NEAR Intents blew the whistle on the incident, which targeted its Omni deposit-and-withdrawal system. Hackers drained roughly $3.8 million before anyone managed to plug the hole.
Traders didn't hesitate. NEAR cratered about 10%, tumbling down to $4.86 as word of the attack hit the order books.
Why it matters
Wall Street money brings deep liquidity. It doesn't patch buggy code. If you trade NEAR or follow these ETF launches, here's your reality check. Fancy institutional wrappers make buying easier for big funds, but they won't shield an underlying protocol from code vulnerabilities. Smart contract risk is still smart contract risk.
Source: CryptoSlate
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