Bitget Hack Fallout: NEAR Intents Blocks $50M as SEC Updates Crypto Securities Guidance

The fallout from Bitget's nearly $388 million hack deepened on Monday as NEAR Intents, a cross-chain asset swap protocol, confirmed it blocked more than $50 million in attempted transfers linked to the attackers. Attackers stole $387.5 million from Bitget on Thursday, with a significant portion of the funds moved across chains to Ethereum. Alex Shevchenko, general manager of NEAR Intents, said the protocol's SHIELD system detected and blocked more than $50 million in attempted transfers that subsequently went to other providers. NEAR Intents managed to freeze $503,000 during execution, while approximately $166,000 in suspected stolen funds passed through.

The incident has reignited debate over the responsibilities that permissionless crypto protocols carry when faced with illicit activity. THORChain faced calls to block addresses tied to the Bitget attackers, highlighting the tension between open access and the need to prevent laundering of stolen funds. Shevchenko argued that permissionless systems do not have to be neutral, stating: "The people who build these systems make choices about what those protocols enable. Refusing to help launder stolen assets is one of ours." He added that a financial system where stealing an asset grants unrestricted rights to monetize it "is simply a system that protects the thief." Bitget, meanwhile, began restoring Bitcoin withdrawals as it works to recover from the breach.

Separately, the US Securities and Exchange Commission issued updated guidance clarifying when certain crypto assets and activities may fall outside federal securities laws. The new FAQs expand on the SEC's March interpretation of how the Howey test applies to digital assets, addressing token buybacks, network development, and staking receipt tokens. The agency noted that buybacks may not constitute the managerial efforts associated with an investment contract when a crypto network is already functional and lacks a central party. Work to maintain or improve a functioning network may also fall outside that standard, while staking receipt tokens would not automatically be treated as securities. The guidance signals continued regulatory refinement as the SEC works to define the boundaries of its oversight in the digital asset sector.