Pando Poked For $20 Million

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In today's edition of YIYL, (You Invest, You Lose), we head back to the DEFI space where errors continue to plague the system and it's getting to a point where a service losing funds is a daily occurrence and part of the work week.

Pando offers comprehensive easy-to-use Decentralized finance(DeFi) services, built with blockchain-based MTG technology on the Mixin network. A

ll that is, is marketing speak for we forked Ethereum and because no one really uses our chain and it's running on AWS or Google Cloud it's like superfast because no one cares about decentralisation or security. The only thing we care about is getting people to buy our token, which should be a security, but we're here for the regulatory arbitrage game, not the long game.

That's just how this space works and every day new evidence comes to light of that fact. Everyone will have a moment when their shitcoin bet is thrown into the spotlight but until then, you'll overaccumulation and have so much exposure to a coin that eventually fails, you won't know how, when and if you can get out.

Happens every day, you're just waiting for your turn.

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Pando pardon

I have explained the issue of oracles 100 times, so I am not going to rehash it again, you can read my old posts for that, so don't be too surprised, it;s the same old trick just a different name and pool of liquidity.

This time it's the defi protocol Pando suffered a $20 million loss when it was exploited with an oracle manipulation attack. The protocol suspended several of its projects in response to the hack, because they're not decentralised and they're a tech company with bad security.

The user who was able to exploit these funds was able to secure the majority of it in Ethereum and turn it into DAI, around 18 million sits in the wallet when I last checked with 500 bucks in ETH to cover some gas fees.

You can find the draining transaction on chain here and if you're keen to keep track of the money you can find the wallet here

According to reports, the Pando team were able to freeze some funds on EOS around 2 million or so, because EOS is a cucked centralised piece of garbage DpOS system, that is only as good as an excel sheet with extra steps, same as the rest of them.

https://twitter.com/pando_im/status/1589045252413100032

Another report claims that $600k has been moved to TRON and the user is trying to get some funds into centralised exchanges, which might not end well for him or her, unless they were smart enough to buy a KYC'd account from someone, which isn't unlikely when you have 20 million to spend and you're looking to cover your tracks.

A wing and a prayer

Pando like many DEFI scams offers a bug bounty program if you're willing to cover their blushes and hope to use that to lure back some of the funds that have gone to a more secure place lol. They wrote on Twitter that they hoped to negotiate with the hacker to regain some of the stolen proceeds.

https://twitter.com/pando_im/status/1589113232899575809

All sounds pretty pathetic if you ask me, and I have no sympathy for these projects, so glad to see the bear market take down another scam before it got to exit scam on other people. As far as I am concerned these so-called "hackers" are doing the industry a favor, showing our weak these services are and that they have no right to exist, they simply aren't battle-tested to deal with this market, and eventually they will go bye-bye.

The only choice you have is, do let them fail with your funds or not, most of you will choose to let them fail with your money, because you have no personal responsibility and you're looking for someone to sell you lies and be your savior.

If you want to simp for shitcoins, be my guest, but be ready for the criticism, I see so many man-child dudes online crying so hard when I point out the obvious, it's really sad, but hey this is Darwinism.

And nature is healing.

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