Analysis: An address that received 7,400 ETH from Tornado orchestrated tonight's CAKE and THE collateral liquidation events

CycleProphet · 2026-03-15T15:41:18+00:00

On March 15, analysts detected an address receiving 7,000 ETH through Tornado Cash, which orchestrated liquidations of CAKE and THE collateral, causing approximately $2.15 million in losses to Venus. The address borrowed $9.92 million USDC from Aave, then manipulated THE's price, triggering liquidations and ultimately profiting $5.07 million from Venus.

CycleProphet

2026-03-15 15:41:18

Abstract generation in progress

Deep Tide TechFlow News, March 15 — According to on-chain analyst Yu Jin, an address that received 7,400 ETH from Tornado (possibly a hacker) led tonight’s collateral liquidation events for CAKE and THE, resulting in approximately $2.15 million in liquidation losses on Venus ($1.18 million CAKE + $1.84 million THE). The hacker also withdrew about $5.07 million in funds from Venus ($2,172 BNB + $151,600 CAKE + 20 BTC):

The address first received 7,400 ETH from Tornado at 0x7a7…234, then deposited it into Aave as collateral to borrow 9.92 million USDT (including USDT, DAI, USDC), and transferred funds to multiple wallets to purchase THE.
Around 8 PM tonight, he likely manipulated THE’s price on a CEX (probably deploying long positions beforehand). Then, through two wallets, he deposited 36.1 million THE into Venus and borrowed assets like BTC, BNB, and CAKE.
About 40 minutes later, THE’s price plummeted (likely due to him closing long positions and opening shorts). His collateral on Venus was liquidated, pushing THE’s price further down. Ultimately, the collateral in these two wallets was fully liquidated, but about $2.15 million (118,000 CAKE + 184,000 THE) of debt remains unpaid, creating a shortfall for Venus.

Overall, he borrowed 9.92 million USDT, but the assets borrowed from Venus are only worth about $5.07 million. On-chain, it doesn’t seem profitable, but it’s suspected that he manipulated on-chain liquidations to drive THE’s decline, enabling him to profit from his positions on the CEX.

ETH7.03%

CAKE8.3%

BNB3.79%

BTC3.68%

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