Yesterday, NEAR was still up 8.6%, and everyone online was shouting, "AI coins are about to take off."
Today, NEAR fell 7.37%, plunging straight from a high of 5.54 to 4.742.
Binance spot data: NEAR’s latest price is 4.914, 24-hour high is 5.540, low is 4.742, and trading volume is $243 million.
Why did it suddenly drop so hard? Because NEAR was hacked.
NEAR Intents was hacked for $3.8 million
On October 1, NEAR’s core cross-chain protocol, NEAR Intents, was hacked, resulting in losses of about $3.8 million.
The vulnerability lies in the interaction between Omni System’s deposits/withdrawals and the NEAR Intents smart contract. On-chain analyst ZachXBT was the first to spot the attack, noting several suspicious large transfers out from the NEAR Intents hot wallet on BNB Chain.
After the attack occurred, NEAR Intents urgently paused 11 blockchain-based deposit and withdrawal services. The team said the vulnerability has been patched and promised full compensation for affected users.
But the market doesn’t wait for you to fix things. After the news broke, the NEAR price fell from 5.54 to 4.74 within a few hours—a 14% drop.
More ironically: the ETF was launched only two days ago and it got hacked
On September 29, Bitwise launched the first U.S. NEAR spot ETF. The market was cheering, thinking, "Institutions are coming in—NEAR is about to take off."
Two days later, NEAR’s core protocol was hacked for $3.8 million.
As soon as the ETF launched, the core protocol had a security vulnerability. Market confidence collapsed instantly. It’s like you just bought a brand-new car and after two days the engine blows up.
Let’s talk about it on a psychological level
Think back to the past few days:
On September 29, the NEAR ETF launched. You thought, "Institutions are coming in—it's about to take off," so you chased it at 5.0.
On September 30, NEAR rose 5% to 5.29. You added to your position, thinking, "Of course it’s going to go up."
On October 1, NEAR rose 8.6% to 5.54. You got FOMO and added more.
On October 2, NEAR was hacked and fell to 4.74. You’re down 15% now.
This is the whole script of chasing and panic-selling: you buy high when good news comes out, and you get stuck when bad news hits.
You’re always making the wrong decisions. Why? Because you only look at the positives and ignore the risks.
The ETF launch is a positive. But have you thought about this: Is NEAR’s protocol secure? The AI Agent product may be useful—but have you considered whether the cross-chain bridge could be hacked?
In the crypto world, security vulnerabilities are the biggest black swans. No matter how strong the narrative is, and no matter how good the technology is, one security flaw can crash the price back to square one.
But did NEAR’s logic change?
No.
The NEAR AI Agent product is still there. Confidential Intents is still there. The support for 43 AI models is still there. The chain abstraction strategy is still there.
What changed wasn’t the logic—it was confidence.
They hacked $3.8 million. The amount isn’t big (relative to NEAR’s market cap), but the impact is huge. Because the market will think: if even the core protocol can be hacked, what about other protocols? Is the AI Agent’s funds safe?
Confidence takes months to build. It only takes a few hours to collapse.
What should we do now?
First, look at the key levels:
NEAR: 4.742 is today’s low point and short-term support. If it breaks below, watch 4.5; resistance is 5.2–5.4.
BTC: 83186 is today’s low point and support. Break above to watch 84744 (today’s high); resistance is the zone above.
Let’s break it down by case:
For those who stashed NEAR below 4.5: congratulations—you still have about 10% profit. If it can’t hold around 4.7, take out half first. This black-hack incident will suppress the price in the short term—don’t turn a gain into a loss.
Those who chased at 5.4 yesterday: now you’re down 10%. First, check whether it can hold at 4.7. If it holds, there’s a chance of a rebound to 5.0–5.1; then consider cutting some to reduce your cost. If it can’t hold, cut a portion first—don’t stubbornly hold. In the short term, this hack incident is a negative catalyst—don’t go against the trend.
For anyone who bought at 4.9 today: don’t bottom-fish after being hacked. Wait for it to fall to 4.5–4.6, and wait until market sentiment stabilizes before considering it. If you buy in at 4.9 and it keeps dropping to 4.5, you’ll be down another 8%.
If you were in cash, don’t rush. The hack incident will suppress NEAR’s price in the short term. Wait until the compensation plan is in place and market sentiment stabilizes before entering. The impact of a security incident usually takes 1–2 weeks to digest.
One last thing to say
NEAR’s ETF just launched and it was hacked for $3.8 million. No matter how strong the AI narrative is, a security vulnerability is fatal with one strike.
That’s the truth of the crypto market: when it’s rising, it makes you feel like a stock genius; when it’s falling, it shows you that you’re nothing.
Don’t rush in when everyone is shouting, "Institutions are coming in." That isn’t an opportunity—it’s a trap. The real opportunity appears when everyone is desperate.
Did you chase NEAR yesterday? A. Bought at 5.4 and now down 10%. B. Stashed below 4.5 and still making money. C. I stayed in cash and avoided it. D. I bought the dip at 4.9 today. Tell the truth in the comments.
#NEAR hacked $3.8M ETF just launched and it happened #Crypto market real analysis