The hacker behind the 2021 Pancake Bunny exploit has resurfaced, transferring a portion of the stolen funds after a three-year hiatus. Pancake Bunny, a decentralized finance protocol on the BNB Smart Chain, suffered a flash loan attack in May 2021, leading to the loss of approximately 697,000 BUNNY tokens and 114,000 BNB. This incident caused the BUNNY token’s value to plummet by 95%.
New Development in Pancake Bunny Attack
Following the attack, Pancake Bunny was unable to recover the stolen assets and ultimately converted into a decentralized autonomous organization (DAO). On July 7, three years post-attack, the hacker’s wallet transferred 1,002 Ethereum via Tornado Cash to obfuscate the transaction trail. Current market prices estimate the value of this Ethereum at around $3 million.
According to CertiK, a blockchain security firm, the hacker now possesses around $11.4 million in Dai. The significance of preventive measures in safeguarding against protocol attacks is heavily emphasized by crypto security experts. To enhance security efforts, CertiK has integrated its suite of 12 blockchain applications with Alibaba’s cloud computing infrastructure.
Why Did the Hacker Move Now?
CertiK’s co-founder Ronghui Gu highlighted their belief in the transformative power of blockchain technology and expressed enthusiasm for leveraging Alibaba Cloud’s platform to offer secure blockchain development and deployment solutions to developers.
This integration with Alibaba Cloud allows developers facing high resource demands during peak periods to access additional computing, storage, and distribution resources. Additionally, CertiK’s investigation has brought to light a case where a security researcher allegedly stole $3 million in crypto assets from the Kraken exchange.
Key Insights
– The hacker’s recent activity suggests that stolen funds can remain dormant for extended periods before being moved.
– Utilization of privacy protocols like Tornado Cash aids in the anonymization of illicit cryptocurrency transfers.
– Blockchain security continues to be a critical area, necessitating ongoing vigilance and preventive measures.
– Integration with established cloud services can enhance the robustness and security of blockchain applications.
**Result:** The recent transfer of stolen funds from the Pancake Bunny attack underscores the ongoing challenges in blockchain security. It highlights the need for continuous advancements in security measures and the importance of integrating robust infrastructure solutions to protect against sophisticated cyber threats.