IMF Disburses $138M to El Salvador as NEAR Recovers $3.8M, Blast L2 Closes

The International Monetary Fund has approved an immediate disbursement of approximately $138 million to El Salvador under the country's $1.4 billion Extended Fund Facility arrangement, completing the program's second and third reviews. Despite El Salvador missing several performance criteria, including targets tied to its Bitcoin accumulation strategy, the IMF granted waivers citing "strong corrective measures and renewed commitments." The agency acknowledged progress in financial sector reforms, fiscal transparency, and AML/CFT compliance, while also noting the transfer of majority ownership of the state-run Chivo Bitcoin wallet to a private operator. Going forward, the IMF said it expects "no further Bitcoin accumulation beyond documented donations," signaling continued pressure on the Bukele administration to scale back its crypto involvement.

In DeFi security news, NEAR Intents has fully recovered approximately $3.8 million stolen during a Thursday security breach after issuing a 48-hour ultimatum to the exploiter. General manager Alex Shevchenko confirmed on X that the funds were returned in full, writing: "We are stopping the investigation. Please use bug bounties instead of disrupting the services." NEAR Intents had identified the individual behind the exploit and demanded restitution under a "responsible disclosure" framework, a strategy that increasingly mirrors approaches used by other protocols facing similar incidents.

Meanwhile, Ethereum layer-2 network Blast announced it is winding down operations after determining that operating costs outpaced revenue with no "credible path" to sustainability. The team urged users to migrate their assets to Ethereum mainnet ahead of the shutdown, marking one of the more prominent L2 closures in the current cycle. Blast's exit highlights ongoing pressure on scaling networks to achieve economic viability as transaction fees and incentive structures continue to challenge layer-2 business models across the Ethereum ecosystem.