ethereum ·
Premia Labs loses $464K – NEAR Intents and Chainflip enter the trail
According to security firm Blockaid, the attacker manipulated Premia Labs’ vaults, got flash loans using fake trading pools, tricking the firm into releasing liquidity worth over 100 ETH.
The stolen funds were bridged from Arbitrum to Ethereum and then swapped and cashed out through NEAR Intents and Chainflip, according to PeckShield, another Web3 security firm. The laundering mechanism underscores a trend observed across recent hacks.
After the attacker drains a victim, the next hop is a DeFi lending protocol, cross-chain swaps, and direct cash-out or shielding funds on privacy protocols. NEAR Intents and Chainflip are cross-chain orchestration platforms that also shield users' funds.
They also limit traceability of stolen funds and potential blocks or freezes. Notably, the Binance hacker leveraged Aave and Uniswap to swap $365M USDT into unfreezable ETH funds and sent them to THORchain and other platforms for final cash-out. Similarly, stolen funds from the Bitget hack and the Ledger supply chain exploit have hit Zcash shielded pools.
