So it was hackers causing trouble. First borrowed $9.92 million to buy $THE and pump the price, then collateralized it into Venus to borrow over $5 million in assets, then dumped the position to liquidate themselves and leave Venus with $2.15 million in bad debt. The real profit is in the CEX short positions, the on-chain stuff was just a show for us. $THE
So it was hackers causing trouble. First borrowed $9.92 million to buy $THE and pump the price, then collateralized it into Venus to borrow over $5 million in assets, then dumped the position to liquidate themselves and leave Venus with $2.15 million in bad debt. The real profit is in the CEX short positions, the on-chain stuff was just a show for us. $THE