Analysis: 0x7a7 is related to the Venus CAKE/THE liquidation event, which may have resulted in significant profits through preemptive short selling

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