Pando Rings attacker swaps 3 million DAI, sends 800 ETH to Tornado Cash

A wallet linked to the 2022 Pando Rings exploit became active again on August 18 after roughly two months of inactivity, swapping 3 million DAI for about 1,570 ETH worth around $3 million through CoW Protocol and sending 800 ETH worth about $1.52 million to Tornado Cash in eight transactions. The renewed activity comes days after Pando said on August 15 that it was sunsetting the protocol and placing its DeFi products into maintenance mode under Mixin, with Pando Rings limited to loan repayment and collateral withdrawals. Pando Rings was hacked on November 5, 2022, when the attacker manipulated the price of an sBTC-WBTC liquidity provider token on 4swap, Pando's automated market maker, in an attempt to extract $70 million in crypto. Pando said about $21.9 million worth of ETH, EOS and BTC had already been removed from two Mixin wallets before action was taken, while Mixin Network and SlowMist helped freeze remaining assets including 2,022,662 EOS worth about $2.36 million and other tokens valued at more than $50 million. The same wallet had resurfaced earlier, with a June 6 report linking it to a 10 million DAI purchase of 6,243 ETH at an average price of $1,602. The case highlights the long tail of DeFi exploits, in which stolen assets can stay dormant for years before being converted or routed through privacy tools, even as oracle-manipulation attacks have become far less common.

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