Premia Labs Loses $464K in Arbitrum Exploit as Attacker Converts Stolen Funds to Bitcoin

Overview

• Security firms traced an exploit that drained about $464,600 from Premia Labs’ options vaults by creating empty options pools and using flash loans to force vault collateral into attacker-controlled liquidity.
• On-chain analysis shows the attacker withdrew assets from six affected vaults, with two principal withdrawals timestamped at about 03:15 UTC on Sunday, Nov. 1, and moving roughly 3.64 WBTC, 43.47 WETH, 48,479 USDC.e and 46,215 ARB.
• PeckShield and Blockaid reported the stolen funds were bridged from Arbitrum to Ethereum and routed through Chainflip and NEAR Intents before being converted toward Bitcoin, a multi-hop path that reduces on-chain traceability.
• Premia Labs had not published a detailed public remediation, recovery, or reimbursement plan at the time of reporting, leaving users and investigators without protocol-level guidance on compensation or asset freezes.
• The incident echoes a larger 2026 pattern documented by Chainalysis of automated, multi-step laundering that splits and rotates assets across services, a trend that has driven record annual hack losses and prompted calls from the FBI for operators to block attacker-linked flows.