A Suspected Hacker Address Manipulates THE Price, Triggering VenusProtocol Liquidation Cascade, Profit Exceeds $5.07 Million
According to Blockbeats, on March 16, a wallet address "0x7a7" that received 7,447 ETH (approximately $16.29 million) from TornadoCash is suspected to be the mastermind behind the CAKE/THE liquidation cascade event on VenusProtocol. The attacker used ETH as collateral on Aave to borrow $9.92 million in stablecoins, then accumulated large amounts of THE and allegedly pumped the price on centralized exchanges before depositing 36.1 million THE into Venus to borrow BTC, BNB, CAKE and other assets. Approximately 40 minutes later, THE price collapsed, triggering a chain of liquidations that resulted in $2.15 million in bad debts for Venus. The attacker withdrew approximately $5.07 million in assets in total, with actual profits potentially higher—primarily from short positions on centralized exchanges during the crash.
A Suspected Hacker Address Manipulates THE Price, Triggering VenusProtocol Liquidation Cascade, Profit Exceeds $5.07 Million
According to Blockbeats, on March 16, a wallet address "0x7a7" that received 7,447 ETH (approximately $16.29 million) from TornadoCash is suspected to be the mastermind behind the CAKE/THE liquidation cascade event on VenusProtocol. The attacker used ETH as collateral on Aave to borrow $9.92 million in stablecoins, then accumulated large amounts of THE and allegedly pumped the price on centralized exchanges before depositing 36.1 million THE into Venus to borrow BTC, BNB, CAKE and other assets. Approximately 40 minutes later, THE price collapsed, triggering a chain of liquidations that resulted in $2.15 million in bad debts for Venus. The attacker withdrew approximately $5.07 million in assets in total, with actual profits potentially higher—primarily from short positions on centralized exchanges during the crash.