Wall Street arrived in NEAR just as a $4 billion-a-month app got hacked

According to CryptoSlate, Bitwise's new NEAR exchange-traded fund faced an early stress test after drawing over $50 million in cumulative net inflows during its first two days of trading on NYSE Arca under the ticker NRR. The launch coincided with a security incident involving NEAR Intents, which disclosed a $3.8 million exploit tied to a bug in the interaction between its Omni infrastructure and a smart contract. The exploit caused the token's price to fall about 10% to $4.86.

NEAR co-founder Illia Polosukhin stated that the base blockchain and native token were unaffected, and block production continued without interruption. NEAR Intents temporarily halted services, patched the vulnerability, and resumed operations while committing to fully compensate affected users. The service processes over $4 billion a month in volume, linking NEAR to multiple chains and applications. Blockchain analysis data showed that futures open interest had already declined before the ETF launch, leaving spot demand and institutional inflows to play a prominent role as the market reacted to the application-level security breach.