The $290,000 Trading Maneuver
Published 6/9/2026, 6:28:48 AM
The Pando Rings hacker realized a profit of $290,000 in June 2024 by executing a high-conviction swing trade using stolen funds. After remaining dormant for nearly two years following the original 2022 exploit, the hacker's wallet (0x303…3d9F) re-emerged to capitalize on a specific Ethereum price window, effectively using the stolen capital as a "dark pool" for market speculation [Source: https://www.valuethemarkets.com/cryptocurrency/news/recent-activity-in-pando-rings-exploit-wallet-signals-potential-market-shifts].
The $290,000 Trading Maneuver
The hacker's profit was the result of a two-stage trade executed over a 72-hour period:
- The Accumulation (June 6, 2024): The hacker swapped 10 million DAI (stolen stablecoins) for 6,243 ETH at an average price of $1,602 [Source: https://www.binance.com/en/square/post/331067681861170]. This trade was timed to catch a local price floor.
- The Exit (June 9, 2024): Just three days later, as ETH prices recovered, the hacker sold the entire position of 6,240 ETH for 10.29 million DAI [Source: https://www.kucoin.com/news/flash/pando-rings-attacker-sells-6-240-eth-for-over-290-000-profit-in-3-days].
- The Result: By converting 10M DAI into 10.29M DAI, the hacker booked a net profit of approximately $290,000 in just three days [Source: https://www.kucoin.com/news/flash/pando-rings-attacker-sells-6-240-eth-for-over-290-000-profit-in-3-days].
Comparison of Trade Execution
| Phase | Date | Action | Asset Amount | Price/Value |
|---|---|---|---|---|
| Entry | June 6, 2024 | Buy ETH with DAI | 6,243 ETH | $1,602 avg ($10M total) |
| Exit | June 9, 2024 | Sell ETH for DAI | 6,240 ETH | ~$1,649 avg ($10.29M total) |
| Net Gain | 3 Days | Swing Trade | -3 ETH (residual) | $290,000 Profit |
Background: The Pando Rings Exploit
The funds used for this trade originated from a $21.8 million exploit of the Pando Rings protocol on November 5, 2022 [Source: https://pando.im/news/2022/2022-11-06-alert-to-pando-community-hack-of-pando-rings/].
- The Attack Vector: The hacker utilized a sophisticated oracle manipulation attack. By skewing the value of liquidity provider tokens (specifically sBTC-WBTC), the attacker was able to borrow massive amounts of crypto against artificially inflated collateral [Source: https://pando.im/news/2022/2022-11-06-alert-to-pando-community-hack-of-pando-rings/].
- Asset Recovery Status: While the Mixin Network assisted in freezing approximately $2.36 million worth of EOS shortly after the hack, the recent $10 million trade confirms that a significant portion of the stolen DAI remained liquid and accessible to the hacker for years [Source: https://pando.im/news/2022/2022-11-06-alert-to-pando-community-hack-of-pando-rings/].
The hacker's ability to move $10 million in a single swap without the funds being successfully blacklisted or intercepted highlights the ongoing challenges in DeFi security and the tracking of "aged" stolen assets [Source: https://www.valuethemarkets.com/cryptocurrency/news/recent-activity-in-pando-rings-exploit-wallet-signals-potential-market-shifts].
Next Steps:
- Would you like to perform a technical analysis on ETH to see if current price levels match the "dip" conditions the hacker exploited?
- I can monitor the hacker's wallet (0x303…3d9F) and alert you if any further stolen DAI is moved or swapped.