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NEAR token drops after $3.8M ecosystem exploit and service halt
The NEAR US ETF launched on Sept. 29, pulling in $35.5 million net inflows on day one before the token fell about 10% to $4.86 following the incident.
NEAR faced its first real test for a newly launched US exchange traded fund after the token was hit by an ecosystem exploit worth $3.8 million, according to CryptoSlate. NEAR dropped about 10% to $4.86 after NEAR Intents disclosed a security incident involving its Omni deposit and withdrawal infrastructure.
CryptoSlate reports that NEAR Intents temporarily halted services after detecting what it described as a bug in the interaction between its Omni infrastructure.
The selloff came less than two days after Bitwise opened the token to US ETF investors through the NEAR ETF with the ticker NRR. The fund began trading on NYSE Arca on Sept. 29, attracted $35.5 million of net inflows on its first day, and had over $50 million of cumulative inflows by Sept. 30, bringing total net assets to $52.8 million, or about 0.76% of NEAR’s market capitalization, per SoSoValue data.