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Analysis: The address "0x7a7" is linked to the Venus CAKE/THE liquidation event, and may have profited significantly from frontrunning.

2 hours ago

March 16 — Per OnchainLens monitoring, wallet address **0x7a7** is linked to a CAKE/THE liquidation event on Venus Protocol, having received 7,447 ETH (valued at $16.29 million) from Tornado Cash. The attacker used the ETH as collateral to borrow $9.92 million in stablecoins on Aave. After accumulating THE tokens, they likely manipulated their price on a centralized exchange (CEX). Subsequently, the attacker deposited 36.1 million THE into Venus and borrowed assets including BTC, BNB, and CAKE. Roughly 40 minutes later, a sharp drop in THE triggered liquidation. As a result: - Venus incurred $2.15 million in bad debt; - The attacker siphoned ~$5.07 million in assets; - Their actual profit may stem from short positions on a CEX during the crash.
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Current mainstream CEX and DEX funding rates have started to transition to neutral

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In the last 1 hour, a total of $116 million was liquidated across the network, with the primary liquidated position being a short position.

On March 16, per Coinglass data, nearly $116 million in positions were liquidated across the entire network in one hour—with $113 million of that from short positions.

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Bitcoin Surges 2%, Breaks $74,000

On March 16, per HTX market data, Bitcoin briefly topped $74,000, last trading at $73,882.58 with a nearly 2% gain over the past hour.

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「Buddy」 switched from a mean reversion long/short strategy to a long-only style, with ETH long position showing unrealized gains of over 110%, and has begun actively reducing the position

March 16th: Per Hyperinsight data, as the market rallied, the "buddy" account’s 25x ETH long position saw its unrealized profit ratio top 110%. Notably, the account shifted its strategy away from its past months’ pattern of "holding leverage through the entire rally" to taking profits and cutting leverage. As of press time, its 25x ETH long position has dropped to 7,575 ETH, with $1.26 million in profits over the past week.

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President Trump is considering deploying ground troops to seize Iran's Kish Island

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Erik Voorhees has bought an additional 1915.28 ETH in the last 5 minutes.

On-chain analyst Ai Auntie (@ai_9684xtpa) reported Wednesday, March 16, that ShapeShift founder and early Bitcoin backer Erik Voorhees bought 1,915.28 ETH in the past 5 minutes, worth $4.17 million. His newly added ETH holdings total $61.65 million, with an average cost of $2,112.19, spread across 22 addresses.

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