The post Crypto Hack Alert: PancakeBunny Exploiter Moves $2.9M via Tornado Cash appeared first on Coinpedia Fintech News
In a new update, the exploiter of the PancakeBunny project has been identified to be active in transferring large amounts through Tornado Cash. The exploiter from the $45 million exploit in May of the year 2021 continues to move large sums of stolen funds which has caught the attention of the crypto community after being inactive for years.
On Sunday, the exploiter of the PancakeBunny attack sent 1002 ETH, around $2. 9 million, through Tornado Cash which is a popular platform used to conceal transaction information. The security firm CertiK Alerts who brought this transaction to the attention of the public also said that these funds were transferred through the wallet address 0xd0f2259e0bd71e849143bbc07f4e427bb6f7756b.
The Bunny Finance exploit: A recap
The PancakeBunny exploit in May 2021, during which the users lost ~$45 million was the attack based on a flash loan where the attacker managed to affect the price of BUNNY tokens by using a large amount of assets from PancakeSwap.
The actions of the exploiter involved price manipulation through flash loan attacks which pushed up the price of BUNNY tokens. They later put the inflated tokens on the market, driving the price down nearly to zero and slowly whisking away a good percentage of the profits.
Present holdings of the exploiter
Nevertheless, as the exploiter has transferred a significant amount of their embezzled money, they still possess $11. 4 million in DAI in wallet address 0x820C.
This case portrayed the role of Tornado Cash in concealing the original sources of the lost funds and the general difficulties individually experienced by the regulators and security experts in a bid to trace and recover lost cryptocurrency. Although Tornado Cash can be safely used by average individuals for privacy protection purposes, it is also highly used by cybercriminals to launder their money.
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