A wallet linked to the 2022 Pando Rings exploit just woke up from a long nap and went shopping. The address, identified as 0x303…3d9F, swapped 10 million DAI for 6,243 ETH at an average price of $1,602, marking its first significant on-chain activity since the original hack.
The timing is hard to ignore. ETH prices had been trading in the $1,543 to $1,602 range when the transaction went through, placing this buy squarely in what most traders would call a dip.
The Pando Rings exploit, explained
The Pando Rings attack happened on November 5, 2022. It was an oracle manipulation exploit where the attacker manipulated the value of liquidity provider tokens, enabling borrowing against inflated collateral. The damage was substantial. The attacker drained an estimated $20 to $22 million from the protocol, predominantly in ETH, BTC, and EOS. In the aftermath, Pando Rings suspended operations entirely, and its products were put on hold. Some of the stolen assets were subsequently frozen with help from Mixin Network, but clearly not all of them.
What the transaction tells us
