Bitget Hacker Swaps $50M in Stolen Crypto, Testing NEAR Intents' 'Permissionless' Promise

NEAR Intents, a decentralized swap service, identified more than $50 million in attempted transfers from the Bitget hacker, according to a report by CoinDesk. The service rejected the funds, but most of the rejected money subsequently moved through other providers, highlighting the challenges of preventing illicit finance in permissionless systems.

The incident puts NEAR Intents' 'permissionless' claim to the test, as it balances openness with security. While the service successfully blocked the initial transfers, the hacker's ability to route funds elsewhere underscores the difficulty of containing stolen assets in a fragmented DeFi landscape. Bitget, a major cryptocurrency exchange, has not yet commented on the specific attempts.

The event raises broader questions about the effectiveness of permissionless protocols in combating money laundering and could prompt increased scrutiny from regulators. It also serves as a reminder that while decentralized services can implement safeguards, determined actors may exploit alternative channels. Industry observers will be watching how NEAR Intents and similar platforms adapt their security measures in response.