A post by @lookonchain on X.
While everyone was focused on the Binance hacker, the Pando Rings hacker bought 7,548 $ETH ($16.72M)…
@lookonchain on X
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The Pando Rings hacker, whose exploit went largely unnoticed amid attention on the Binance hacker, purchased 7,548 ETH worth $16.72M, according to on-chain analyst Lookonchain. Seven hours prior, the hacker had deposited 4,000 ETH ($9.17M) into privacy protocol Tornado Cash, the standard laundering venue for stolen crypto funds. Pando Rings is a cross-chain lending protocol on the Fuse network that suffered an exploit in September 2023, with losses reported around $23M. The hacker's ETH accumulation suggests the stolen funds are being consolidated and moved, potentially for conversion or further laundering. Market watchers should monitor additional Tornado Cash deposits and any movement of the remaining stolen funds, as large on-chain transfers from the hacker's addresses could signal further sell pressure or laundering activity.
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Named in this story
Pando Rings, Tornado Cash, ETH (ETH), Binance
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