Case report7 wallets on the board
Pando Rings hack: where the stolen money went
In November 2022 an attacker drained Pando Rings, a lending protocol on Mixin, and took $21.9M out. Pando published the attacker's Ethereum address the next day. Four years later the money is still on-chain: it sat in Aave for two years, earned 1,866,748 DAI of interest, and the wallet that holds it today still has 3,548 ETH (about $7.9M). Since June 2026, 5,600 ETH from it went into Tornado Cash, 4,000 of it on November 2.
Where the Pando Rings money is now
As of Ethereum block 26,370,297 (November 8, 2026, 12:57 UTC), the wallet 0x303D0A175CeEC14DD7B3d4F60CABE6CEc06a3d9F holds 3,548.31 ETH. It has sent nothing since November 2 at 01:39 UTC. Its full ETH ledger (20,464.06 ETH in, 16,915.30 out, 0.45 in gas) nets to that balance exactly.
Step 1: November 2022, the theft
Pando's own alert of November 6, 2022 names 0xd3f04cE2…CEa54 as the attacker's withdrawal address and puts the loss at $21,877,098.03. On Ethereum it received 5,129.1 ETH and 9,238,120.42 USDT from Mixin's withdrawal wallet. Within days the attacker swapped all of it to DAI, which can't be frozen the way USDT can.
Step 2: December 2022, handed to a second wallet
On December 12, 2022 the exploiter sent 18,067,713.24 DAI to 0x7b9142…fec9 (0x0bc66831…f54b). The DAI then sat untouched for 14 months.
Step 3: February 2024, parked in Aave for two years
On February 1, 2024 the second wallet created a 2-of-4 Gnosis Safe (0xb21DeB6D…342b) with two fresh keys it had funded itself, moved 17,237,530.66 DAI into it (0x84d4f435…95ec) and supplied all of it to Aave v3 (0xedd9a334…e609). For two years the stolen DAI earned Aave's lending interest like any other deposit.
Step 4: February 2026, cashed out with $1.87M of interest
On February 5, 2026 the second wallet added a new owner to the Safe: 0x303D…3d9F. Nine minutes later that wallet moved the Safe's 19,104,279.17 aEthDAI to itself (0xb96c3a66…2c15) and withdrew 19,104,279.66 DAI from Aave (0xcfbe29e4…7337). 17.24M DAI went in, 19.10M came out: 1,866,748.51 DAI of interest earned on stolen money.
Step 5: October and November 2026, to ETH and into Tornado Cash
October 29 to 30: 16,975,258.11 DAI sold for 7,548.08 ETH on CoW Swap, as a TWAP order of 24 equal slices of 707,302.42 DAI, one about every 5 minutes (first 0xdcdfd66f…161e, last 0xf8288d16…36a4).
November 2: 40 deposits of 100 ETH into Tornado Cash between 00:59 and 01:39 UTC (first 0x99a2d724…4ff5, last 0x70c657cb…878c).
Earlier waves: 100 ETH on June 4, 800 ETH on August 17 and 700 ETH on August 19, plus three 0.1 ETH notes. In total 5,600.3 ETH has gone into Tornado Cash in 59 deposits. Public alerts counted only the last 4,000.
What is not claimed
No link is claimed between this wallet and any specific Tornado Cash withdrawal. The 100 ETH pool held about 2,900 unspent notes on November 7, with several other large depositors in the same weeks, so no withdrawal can be tied to these deposits yet.
We found no settlement, bounty or return of funds announced by Pando, and the attacker's addresses never sent anything to Pando's published refund address.
Dollar values use the on-chain Chainlink ETH price of $2,237.15 on November 8, 2026. DAI is counted at $1.
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