Pancake Bunny Hacker Launders $3 Million in Ether
YEREVAN (CoinChapter.com) — Three years after the Pancake Bunny flash loan attack, the hacker has moved $3 million in Ether through Tornado Cash. This occurred on July 7, 2024, catching the attention of the crypto community.
Pancake Bunny Exploiter Moves $2.9M in ETH. Source: @CertiKAlert Pancake Bunny Hack: Losses and Transformation into DAO
Pancake Bunny, a decentralized finance (DeFi) protocol on the BNB Smart Chain, was hacked in May 2021. The attack resulted in the loss of 697,000 BUNNY tokens and 114,000 BNB.
Pancake Bunny Flash Loan Attack Breakdown. Source: @PancakeBunnyFin
This caused a 95% crash in the value of BUNNY tokens.
Price drop in BUNNY/BNB trading pair following the initial attack: Poocoin.app
Despite efforts, Pancake Bunny could not retrieve the stolen funds. The protocol eventually dissolved and transformed into a decentralized autonomous organization (DAO).
Hacker Moves $3M in ETH Through Tornado Cash After Three Years
The hacker transferred 1,002 Ether (approximately $3 million) to Tornado Cash, a privacy protocol used to obscure the origin of funds. CertiK, a blockchain security firm, confirmed these details.
Tracking Pancake Bunny’s lost funds. Source: CertiK
The hacker’s address had been inactive for three years. The sudden movement of funds indicates a planned effort to avoid detection.
The hacker still controls $11.4 million in Dai, showing the scale of the original theft.
CertiK Enhances Security with Alibaba Cloud Migration
CertiK, a leading security-focused ranking platform, has been active in promoting preventive measures against further protocol hacks like the Pancake Bunny hack in 2021. Recently, CertiK migrated its suite of 12 blockchain applications in Asia to Alibaba Cloud. This aims to provide secure blockchain development and deployment, using Alibaba Cloud’s computing, storage, and distribution resources during peak hours.
CertiK’s existing suite of product offerings. Source: CertiK
Ronghui Gu, co-founder of CertiK, said,
“For over five years, we have believed in the power of blockchain technology. We look forward to empowering developers with secure blockchain development and deployment through Alibaba Cloud’s platform.”
CertiK Accused of Extortion in Kraken Vulnerability Probe
CertiK recently identified itself as the “security researcher” involved in a controversial investigation with cryptocurrency exchange Kraken.
Kraken’s Critical Vulnerabilities Exposed. Source: @CertiK
Kraken’s chief security officer, Nicholas Percoco, accused CertiK of “extortion.” According to Percoco, CertiK refused to return $3 million worth of digital assets unless Kraken agreed to a speculated amount for the bug disclosure.
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