$NEAR is being spread with FUD because it has prevented money laundering by hackers from funds stolen from Bitget?😳
Somehow NEAR is actually not permissionless.
Context:
- Bitget was hacked for a large wallet on September 24.
- $387.5 million from the fund was affected.
- they tried to use NEAR Intents to launder money
According to the report from @NEAR Protocol :
$50 million in suspicious fund flows related to the hacker attempted to use NEAR Intents
- $166 thousand got through
- $503 thousand was blocked during execution
most of the remaining attempts were rejected before the swap transactions could be completed
NEAR released a report explaining how SHIELD, their risk monitoring system, detected suspicious activity.
Their position is pretty clear: “Permissionless doesn’t mean neutral.”
NEAR Intents, NEAR’s base blockchain, and Confidential Intents are three different things.
- SHIELD operates at the Intent execution layer.
It can deny quotes for a swap transaction, reject suspicious fund flows, or stop funds that are already in an execution process that has not been completed.
It cannot freeze someone’s entire Ethereum wallet or reverse a transaction on every blockchain.
NEAR has promoted Confidential Intents, enabling financial activity to be executed privately, with selective disclosure and risk screening.
It’s a security model very different from Monero or Zcash $ZEC
the idea that NEAR suddenly could freeze every wallet on its blockchain just because Intents rejected stolen funds is a pretty far-fetched misunderstanding of the architecture.
What an industry.
According to IMO, this isn’t a reason to FUD 😁
#NEAR🚀🚀🚀 #intents #zcash
Somehow NEAR is actually not permissionless.
Context:
- Bitget was hacked for a large wallet on September 24.
- $387.5 million from the fund was affected.
- they tried to use NEAR Intents to launder money
According to the report from @NEAR Protocol :
$50 million in suspicious fund flows related to the hacker attempted to use NEAR Intents
- $166 thousand got through
- $503 thousand was blocked during execution
most of the remaining attempts were rejected before the swap transactions could be completed
NEAR released a report explaining how SHIELD, their risk monitoring system, detected suspicious activity.
Their position is pretty clear: “Permissionless doesn’t mean neutral.”
NEAR Intents, NEAR’s base blockchain, and Confidential Intents are three different things.
- SHIELD operates at the Intent execution layer.
It can deny quotes for a swap transaction, reject suspicious fund flows, or stop funds that are already in an execution process that has not been completed.
It cannot freeze someone’s entire Ethereum wallet or reverse a transaction on every blockchain.
NEAR has promoted Confidential Intents, enabling financial activity to be executed privately, with selective disclosure and risk screening.
It’s a security model very different from Monero or Zcash $ZEC
the idea that NEAR suddenly could freeze every wallet on its blockchain just because Intents rejected stolen funds is a pretty far-fetched misunderstanding of the architecture.
What an industry.
According to IMO, this isn’t a reason to FUD 😁
#NEAR🚀🚀🚀 #intents #zcash
