Pando Rings exploiter resurfaces after 2 months, converting $3M in DAI to ETH and laundering ~$1.52M through Tornado Cash.
Security & Exploits ·
An account linked to the Pando Rings exploit resumed activity after a two-month pause, converting 3 million DAI into approximately 1.57 thousand ETH worth roughly $3 million using CoW Protocol. The account subsequently transferred 800 ETH, valued near $1.52 million, to Tornado Cash in eight separate transactions.
Pando Rings suffered a breach in November 2022 stemming from an oracle manipulation attack that drained approximately $20 million from the protocol. The recent movement marks the first significant activity from the associated address since the initial exploit.
The account's use of Tornado Cash to move funds suggests an attempt to obfuscate the trail of the stolen assets. It remains unclear whether additional movements are planned or what portion of the original $20 million haul has been recovered or remains in the exploiter's control. The address can be tracked on-chain.