29 Million Transferred by PancakeBunny Hacker as Stolen Crypto Remains Active
The notorious PancakeBunny exploiter, who had been inactive for years, has resurfaced by transferring $2.9 million in stolen funds through Tornado Cash, a popular crypto mixing platform. This individual was responsible for a massive $45 million exploit in May 2021 and has now caught the attention of the crypto community after a long period of silence.
On Sunday, the attacker moved 1,002 ETH (equivalent to $2.9 million) through Tornado Cash, a platform known for its ability to obscure transaction details. The security firm CertiK Alerts brought attention to this transaction, revealing that the funds were transferred from the wallet address 0xd0f2259e0bd71e849143bbc07f4e427bb6f7756b.
Taking a look back at the exploit that occurred in May 2021, it was a sophisticated flash loan attack targeting PancakeBunny. The attacker manipulated the price of BUNNY tokens by utilizing a substantial amount of assets from PancakeSwap. By inflating the token prices and subsequently dumping them on the market, the attacker was able to drive the value down to almost zero and pocket significant profits.
Despite transferring a significant portion of the stolen funds, the exploiter still holds $11.4 million in DAI in the wallet address 0x820C. This highlights the ongoing challenges faced by regulators and security experts in tracing and recovering lost cryptocurrency.
This case also brings attention to the role of Tornado Cash, which has a dual-edged nature. While it offers privacy protection for legitimate users, it is also a favored tool for cybercriminals to launder stolen funds. The PancakeBunny exploit serves as a stark reminder of the complexities involved in balancing privacy and security in the crypto space.
Overall, this recent activity by the PancakeBunny exploiter raises concerns about the ease with which stolen crypto can be laundered and the difficulty of recovering it. It underscores the need for continued efforts to enhance security measures and regulatory frameworks in the cryptocurrency industry.