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Pando Rings

avoid.net/pando-rings→18/100·100% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·2Zm2zD…4AiK

Summary

Pando Rings is an algorithmic lending and borrowing protocol built on the Mixin Network by Fox One, modeled on Compound Finance. On November 5, 2022, an attacker exploited a price oracle vulnerability tied to the sBTC-WBTC LP token on 4swap to drain approximately $21.9 million in ETH, BTC, and EOS from the protocol; an additional ~$50 million remained frozen in the attacker's wallets. The protocol subsequently suffered further losses in the September 2023 Mixin Network infrastructure breach, and as of late 2023 remained in a limited operational state with interest accrual and liquidations suspended.

Connected Entities

1 entities
Organizations
□Pando Rings
Relationships
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    Timeline(9 events)

    4 August 2021

    Pando Seed (PS) launched with backing from BigONE, Exin, FOX, Poolin, and the Mixin team, formalizing the multi-stakeholder MTG governance structure.

    20 October 2021

    Least Authority completes security audit of Pando Rings (then called Compound on Mixin) and Pando Leaf on behalf of Fox One.

    5 November 2022

    Attacker exploits the Pando Rings price oracle by manipulating the sBTC-WBTC LP token price on 4swap. Approximately $70 million in theft attempted; $21,877,098.03 in ETH, BTC, and EOS successfully transferred out before intervention. TVL drops ~44%.

    6 November 2022

    Pando publicly discloses the hack, halts all protocol services, engages SlowMist for tracing, contacts law enforcement, and pledges full reimbursement to affected users. Approximately $50 million in funds frozen in attacker wallets with Mixin Network assistance. ~$2.36 million in EOS frozen.

    6 November 2022

    Pando posts public ETH refund address (0xfB42824eda8b29873839e6d89FEc2857c1a4E2dF) seeking negotiated return of stolen funds.

    23 September 2023

    Mixin Network suffers a separate $200 million infrastructure breach via its Google Cloud database. Pando users suffer additional losses: USDT (ERC20) down ~90%, ETH down ~70%, BTC down ~10%, BOX down ~7.3%.

    17 October 2023

    Pando Swap (4swap) resumes liquidity management functions.

    24 October 2023

    Pando Rings and Pando Leaf resume limited collateral redemption and debt repayment. Interest accrual and liquidations remain paused.

    18 December 2023

    Pando announces further service restoration for Pando Leaf on the legacy Mixin Network. Full restoration contingent on new Mixin Mainnet launch.

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain10 Wayback Archivessrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain (1 event). 10 of 12 cited source URLs have an Internet Archive snapshot.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 5/4/2026, 2:54:46 AM

    last updated: 8/30/2026, 5:14:12 AM

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