On-chain data: How attackers manipulate the YFI price on dYdX to make a profit

Author: Lookonchain, Encrypted Data Monitoring Platform, Translation: Golden Finance xiaozou

How is the YFI price manipulated to profit from dYdX? Here are some on-chain findings.

! [bw9O9CiC8cbxcR7HkTHISEnK7CdJyGM79vnwp0cy.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-f67f36aae9-dd1a6f-cd5cc0.webp "7139035")

We have previously posted that some people are trying to make money by manipulating the price of SUSHI. This time, it was the same person who manipulated the price of YFI in the same way.

The current price of SUSHI has increased by 16%. It seems that someone is manipulating the price of SUSHI and going long SUSHI to make a profit. We found out that a new wallet bought SUSHI on the DEX and deposited USDC into a perpetual exchange like dYdX through multiple addresses (most likely long USDC).

! [WEi6vrimlHCCZDsclJejwV6Gtou3pXJlKMTC4imZ.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-80341c52b0-dd1a6f-cd5cc0.webp "7139041")! [34Pib8txDpnzAFsZADsXE1SWQvWwe3p1JFU9gMTr.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-69c22abd26-dd1a6f-cd5cc0.webp "7139042")

On November 14th and 15th, the wallet "0xCCb6" and the wallet "0xB017" deposited a large amount of USDC to dYdX through multiple addresses, most likely in order to go long YFI. Since then, YFI prices have started to rise.

! [uG7q9FHx7WtyWvHHHgxDagxRSRnCZdiNV8UnHPeF.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-9a6168894e-dd1a6f-cd5cc0.webp "7139047")! [RfGhZpX3rbss4M8w8urJcbt7rHUMoTTIyjaC9t16.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-5fa4fcd1b8-dd1a6f-cd5cc0.webp "7139048")! [h7IIJzC0jvfuhTrRVJnVCnfWhy7UjcenFi2G7xCT.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-25d14aa6a1-dd1a6f-cd5cc0.webp "7139049")

On November 17, the YFI price peaked, at this time, the wallet "0xB017" withdrew USDC from dYdX through multiple wallets and deposited USDC into dYdX through other wallets. It is possible that a long position has been closed and then shorted YFI at the highest price through other wallets.

! [l0QgUIrZc3LcNkAe2c8RedsT8yI8Lddvu0e6Oqhs.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-e0db3a2763-dd1a6f-cd5cc0.webp "7139050")! [tC4rEAIBo7uOu2EkJN9aQGMuAHZRvylQ8zrWGH8C.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-dbbf752384-dd1a6f-cd5cc0.webp "7139051")

On November 18th, the price of YFI plummeted, and subsequently, the wallet "0xB017" withdrew a large amount of USDC from dYdX through multiple addresses, which is likely to be the profit from shorting YFI.

! [aFP02ZUXAf3sACZ6AP5zHCMihBvg40d0fBun2wih.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-3732bdcb92-dd1a6f-cd5cc0.webp "7139052")! [LeCcSgUph6eMFUqlTsnIFHyIFGQxG8mLvWF6HWiT.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-e65bafacb4-dd1a6f-cd5cc0.webp "7139053")

When wallets associated with "0xCCb6" and "0xB017" deposit USDC into dYdX, dYdX and its founder, Antonio, need to pay close attention to the positions of these wallets on dYdX.

! [wqWSvApyi6TQesun1dYWb0cpHtr99SKrmYHpUBs.jpeg] (https://img-cdn.gateio.im/webp-social/moments-40baef27dd-f43f9b9e2c-dd1a6f-cd5cc0.webp "7139055")