TechFlow News: On March 16, on-chain analyst Onchain Lens (@OnchainLens) reported that a wallet address “0x7a7”—which received 7,447 ETH (approximately $16.29 million) from Tornado Cash—is suspected to be behind the CAKE/THE liquidation cascade event on Venus Protocol. The attacker used ETH as collateral on Aave to borrow $9.92 million in stablecoins, then accumulated large quantities of THE and allegedly manipulated its price upward on centralized exchanges. Subsequently, the attacker deposited 36.1 million THE tokens into Venus to borrow BTC, BNB, CAKE, and other assets.
Approximately 40 minutes later, THE’s price collapsed, triggering a chain of liquidations that resulted in $2.15 million in bad debt on Venus. The attacker withdrew approximately $5.07 million in assets; their actual profit may be even higher—primarily derived from short positions held on centralized exchanges during the crash.
