According to BlockBeats: In the world of DeFi, illicit activities have taken on a new turn. An anonymous user has allegedly been exploiting manipulative tactics to profit from price fluctuations in the tokens YFI and SUSHI.
As per data monitoring by Lookonchain, on November 19, the same technique employed to manipulate the price of YFI on dydx was observed. Wallets identified as "0xCCb6" and "0xB017" deposited large amounts of USDC into dydx from multiple addresses on November 14 and 15, causing suspicion of long positioning in YFI.
Following the injection of USDC, the price of YFI saw an increase. With the value of YFI peaking on November 17, wallet "0xB017" reportedly withdrew USDC from dydx using several wallets and redeposited USDC into dydx through others, indicating a possible squaring of the long position and a short placement on YFI at its highest price.
Post a sharp drop in the YFI price on November 18, wallet "0xB017" extracted a significant amount of USDC from dydx via various addresses, purportedly signifying the profits from shorting the YFI token.
The report also drew parallels to a similar case on November 1, where the price of SUSHI saw a high volatility. The same user was suspected of employing identical methods to manipulate the price of SUSHI for profit.
