Pando Rings
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 55 → 58. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Incidents it suffered (e.g. hacks) | -6.4 |
| Problems around it, caused by others | -1.6 |
| Long-running | +4 |
| Sum | 58 |
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 58/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 4 of 6 claims confirmed · 2 need better sources
anchored·2Zm2zD…4AiKSummary
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
3 entities · 60 linked investigations- Pando Rings→mentioned with→Mixin Network(90%)
- Pando Rings→mentioned with→Bitcoin(60%)
- Mixin Network→mentioned with→Bitcoin(70%)
Connected Through
2 shared actors · 435 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Bitcointoken
- □Mixin Networkorganizationalso in
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.
Decision Log
- slot 464299172 · hash Gf5Re3kJWiz2ZjdYJVLQs24BxceAhJs2xNvphJDQnZVf
- slot 464299168 · hash E5MXG1vGwwGPdJ9HLacRxSAgH5vzaYGQCPrTb2JB9HW7
- slot 464299163 · hash 3MSBC2ePJVijpx8A5Rs4NYgQoDoLsEMyd8qDvnu5rfgE
- slot 455368960 · hash J1G7hoKrEdRCPsrGMA8p1FJRs54j484Wdnyfh2JqqRrZ
- slot 420846219 · hash FPvpt8Ms73Woqbomovn4vavGLa9otvFsimD9MHthAMxS
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 10 of 12 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:46 AM
last updated: 11/2/2026, 12:47:40 AM
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