Svmuu News According to on-chain analyst Yu Jian's monitoring, an address that received 7,400 ETH from Tornado (a hacker?) led the collateral liquidation event for CAKE and THE tonight, resulting in a liquidation shortfall of approximately $2.15 million (1.18 million CAKE + 1.84 million THE) for Venus, while the hacker obtained about $5.07 million in funds (2,172 BNB + 1.516 million CAKE + 20 BTC) from Venus:
1. The address first received 7,400 ETH from Tornado via the 0x7a7...234 address, then deposited it into Aave as collateral to borrow 9.92 million USD (including USDT, DAI, USDC), which was subsequently transferred to multiple wallets for purchasing THE.
2. Around 8 PM tonight, he likely pumped the price of THE on CEXs (presumably having previously deployed long positions). Then, using 2 wallets, he deposited 36.1 million THE into Venus and borrowed assets such as BTC, BNB, and CAKE.
3. 40 minutes later, the price of THE plummeted (likely due to him closing longs and opening shorts), his collateral on Venus was liquidated, further driving down the price of THE. Ultimately, the collateral in these two wallets was completely liquidated, but approximately $2.15 million (1.18 million CAKE + 1.84 million THE) in borrowed funds remained unpaid, becoming a shortfall for Venus.
Overall, he borrowed 9.92 million USD to execute this scheme, but the assets he borrowed from Venus were only worth $5.07 million. Looking solely on-chain, it doesn't appear profitable, but it is speculated that he likely profited from his positions on CEXs by orchestrating the decline of THE through on-chain liquidation.