Three years after the Pancake Bunny flash loan attack, the hacker has moved $3 million in ETH through Tornado Cash.
A portion of the funds stolen from Pancake Bunny, a decentralized finance protocol on the BNB Smart Chain, was transferred through the privacy protocol Tornado Cash after three years of inactivity.
Aftermath of Pancake Bunny Hack
In May 2021, Pancake Bunny suffered a flash loan attack, losing approximately 697,000 BUNNY tokens and 114,000 BNB. This attack caused the value of its BUNNY token to plummet by 95%.
Pancake Bunny was unable to recover the stolen funds and eventually dissolved the protocol, transforming it into a decentralized autonomous organization (DAO).
Stolen Funds on the Move
On July 7, a wallet address linked to the Pancake Bunny hacker transferred 1,002 Ether of the stolen funds to Tornado Cash, a service that obscures transaction trails.
Based on current market prices, the hacker moved roughly $3 million in Ether. According to blockchain security firm CertiK, the Pancake Bunny exploiter still holds $11.4 million in Dai.
Summary Review: The movement of these stolen funds after such a long period of dormancy highlights ongoing challenges in tracking and recovering assets in the decentralized finance space. As privacy protocols like Tornado Cash are used, tracing these transactions becomes increasingly difficult, underscoring the need for enhanced security measures and monitoring in the industry.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
