BlockBeats News, March 16th, according to OnchainLens monitoring, wallet address “0x7a7” appears to be related to the CAKE/THE liquidation event on the Venus Protocol, with the wallet receiving 7,447 ETH from Tornado Cash, worth $16.29 million.
The attacker used ETH as collateral to borrow $9.92 million worth of stablecoins on Aave;
After accumulating THE, possibly inflated its price on a centralized exchange
Then deposited 36.1 million THE into Venus and borrowed assets such as BTC, BNB, and CAKE;
About 40 minutes later, THE’s sharp drop triggered the liquidation.
As a result, Venus suffered a $2.15 million bad debt, with the attacker stealing about $5.07 million in assets, with their real profit possibly coming from short positions on the centralized exchange during the collapse.
Suspicious Address: 0x7a79969a0b9d51d922c4810d2950560360f6f234
