Premia Labs Loses About $465,000 as Stolen Funds Are Swapped for BTC

Premia Labs lost about $465,000 in an attack, with stolen assets moved from Arbitrum to Ethereum and then swapped for Bitcoin (BTC), tracing the funds into a different crypto asset.

The loss was estimated at $464,600. The attacker transferred the assets across chains from Arbitrum to Ethereum, then used Chainflip and NEAR Intents to convert them into BTC. The transfer and conversion happened in that order, with Ethereum between them. BTC was the asset received after the swaps.

Premia Labs is a decentralized derivatives project. The incident combines a loss at the project with a cross-chain transfer and a later conversion to Bitcoin. Arbitrum was the starting network named in the transaction route; Ethereum was the next stop, and BTC was the result of the swaps. The two figures reflect a rounded amount and a more precise estimate of the same loss. The sequence ended with the conversion into BTC.