Pando Rings oracle exploiter resurfaces, routes ETH into Tornado Cash

The wallet associated with the 2022 Pando Rings oracle hack was reactivated on August 18 after two months of inactivity, as reported by blockchain tracker Onchain Lens, The hacker exchanged 3 million DAI for about 1,570 ETH, worth approximately three million dollars, through CoW Protocol.

Approximately 800 ETH worth around 1.52 million are known to have already reached Tornado Cash via eight transactions from this wallet.

Although the action itself may be comparatively minor, the history of the event is anything but. Nearly four years after the incident in which a price feed was manipulated to drain Pando Rings, the fraudster is continuing to move the money, which can still be traced back to the original fraud.

Once a serious cause of losses in DeFi, oracle manipulation has been effectively eliminated from occurring frequently due to improvements in protocol development.

An oracle that misread its own collateral

On November 5, 2022, Pando Rings was hacked. The hacker was able to change the price of sBTC-WBTC liquidity provider token at 4swap, which is Pando’s automated market maker, and used this price manipulation in an attempt to pull out $70 million worth of crypto.

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