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

DeepFlowTech · 2026-03-15T15:40:45+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.

DeepFlowTech

2026-03-15 15:40:45

Abstract generation in progress

Deep Tide TechFlow News, March 15 — According to on-chain analyst Yu Jin’s monitoring, 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 obtained 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 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 pushed up THE’s price on a CEX (probably had long positions deployed earlier). Then, through two wallets, he deposited 36.1 million THE into Venus and borrowed assets like BTC, BNB, and CAKE.
Forty minutes later, THE’s price plummeted (likely due to him closing long positions and opening shorts). His collateral on Venus was liquidated, further driving THE’s price down. Ultimately, the collateral in these two wallets was fully liquidated, but about $2.15 million (1.18 million CAKE + 1.84 million THE) of debt remains unpaid, resulting in a Venus deficit.

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 down THE’s price, enabling him to profit from his positions on the CEX.

ETH1.66%

CAKE5.42%

BNB1.05%

BTC1.18%

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