Incident Overview
Pando Network was used to steal 18,577,305 $USD in $ETH and $BTC. It seems like the hacker compromised the private key of the project's wallets on both chains.
Pando is a decentralized network based on MTG technology. The project was exploited to steal 5128 $ETH and 11,107,488 in stablecoins from the Ethereum chain, and 83.5 $BTC from the Bitcoin chain. It seems like the hacker compromised the private keys of the wallets, as stealing transactions were just direct transfers.
The stolen funds remain at the attacker's original addresses at the moment.
Attacker addresses:
https://etherscan.io/address/0xd3f04cE2…1CEa54
https://www.blockchain.com/btc/address/bc1qjnsx0sdxksh4w2azwu5ngr8sax46vcu52ljfcx
Incident Report
Market Context at Time of Hack
What the Attacker Needed to Succeed
Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.
What Auditors Should Check
If you're auditing a protocol with similar architecture to Pando, these are the critical security checks that could have prevented this incident (November 2022).
- Verify all logic paths related to Access Control are guarded by proper access controls and input validation - see the Access Control Attacks attack class for patterns
- Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs
Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.
Free TrialSecurity Audit History
- Audit Report 1 Report
Related Attack Classes
The technique used in this hack maps to these vulnerability classes in our security curriculum:
Sources & References
Learn to Prevent the Next Pando
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