PancakeBunny Hacker Funnels $2.9M in ETH via Tornado Cash Years after Flash Loan Attack
The post PancakeBunny Hacker Funnels $2.9M in ETH via Tornado Cash Years after Flash Loan Attack appeared on BitcoinEthereumNews.com.
Coinspeaker PancakeBunny Hacker Funnels $2.9M in ETH via Tornado Cash Years after Flash Loan Attack In a significant development, the exploiter behind the PancakeBunny flash loan attack, which shook the decentralized finance (DeFi) community in May 2021, has resurfaced. After a prolonged dormancy, the hacker transferred $2.9 million worth of Ether (ETH) using the privacy-centric protocol Tornado Cash. Revisiting the PancakeBunny Hack In May 2021, PancakeBunny, a prominent DeFi protocol on the Binance Smart Chain, fell victim to a devastating flash loan attack. The hacker exploited vulnerabilities within PancakeSwap to borrow a massive amount of Binance Coin (BNB). Subsequently, they manipulated the prices of BUNNY and BNB pairs, causing BUNNY’s value to plummet by 95%, from $150 to near zero in just half an hour. The attack, which resulted in the loss of approximately 697,000 BUNNY tokens and 114,000 BNB tokens, severely impacted PancakeBunny’s market position and led to its eventual dissolution as a protocol and transition to a decentralized autonomous organization (DAO). Following the attack, the hacker’s wallet has remained dormant, until a recent resurgence of activity. Three years after the infamous PancakeBunny hack, the hacker’s wallet sprang back to life on July 7, transferring 1,002 ETH, valued at approximately $2.9 million, to Tornado Cash. The hacker is using Tornado Cash to obscure the origin and destination of the transferred ETH. This privacy protocol effectively shields transactions, complicating efforts to trace and recover the stolen funds. The hacker is expected to initiate selling ETH in the near future, and still holds $11.4m in DAI. #CertiKInsight 🚨 On Sunday the @PancakeBunnyFin exploiter deposited 1002 ETH (~$2.9m) into @TornadoCash via 0xd0f2259e0bd71e849143bbc07f4e427bb6f7756b Bunny Finance was exploited for ~$45m in May 2021 The exploiter still holds $11.4m DAI in 0x820C👇 pic.twitter.com/Jcc18Q1NIY — CertiK Alert (@CertiKAlert) July 8, 2024 Tornado Cash Faces Legal Scrutiny…
Filed under: News - @ July 8, 2024 6:10 pm