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<p>Blockchain analytics firm <a href="https://twitter.com/lookonchain/status/1726248466450698578?t=ArEcBoiTp01aAUUdlpQOZQ&amp;s=19" target="_blank" rel="noreferrer noopener nofollow">Lookonchain</a> has identified suspicious activity indicating an attempt to manipulate Yearn Finance’s YFI token on derivatives exchange dYdX for profit.</p> 
<p>Lookonchain had previously flagged potential price manipulation around SUSHI. Now the same wallets seem to be targeting YFI using similar techniques of mass USDC transfers and coordinated long/short positions.</p> 
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 <img loading="lazy" decoding="async" width="1024" height="477" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-1024x477.png" alt="" class="wp-image-381009" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-1024x477.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-300x140.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-766x357.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-1536x716.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-2048x955.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-322x150.png 322w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-100x47.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-751x350.png 751w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-496-788x367.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Specifically, Lookonchain detected wallets “0xCCb6” and “0xB017” depositing large amounts of USDC to dYdX across multiple addresses on November 14 and 15. This was likely preparation to open leveraged long positions on YFI.</p> 
<p>Right afterwards, YFI began surging to its peak price on November 17. At this point, wallet “0xB017” is suspected to have closed its longs and opened new short positions at the top via different wallets.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="505" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-1024x505.png" alt="" class="wp-image-381017" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-1024x505.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-300x148.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-767x378.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-1536x757.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-2048x1010.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-304x150.png 304w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-710x350.png 710w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-497-788x388.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>When the YFI price plummeted on November 18, “0xB017” withdrew significant USDC sums from dYdX through multiple wallets. These could represent the profits made from shorting YFI’s crash.</p> 
<p>Lookonchain warns that whenever these suspicious wallets deposit to dYdX, the platform should monitor their positioning closely. The on-chain detective work reveals hallmarks of sophisticated manipulation by entities seeking to game swings in YFI’s price.</p> 
<p>Read also:</p> 
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<p>While not illegal, these unethical practices distort prices and harm regular traders. The revelations also cast doubt on the integrity of prices formed on platforms like dYdX if adequate protections against abuse are not enforced.</p> 
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<p>The post <a href="https://captainaltcoin.com/how-one-trader-may-be-manipulating-yearn-finance-yfi-prices-on-dydx-and-making-profits/">How One Trader May Be Manipulating Yearn Finance (YFI) Prices on dYdX And Making Profits</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

How One Trader May Be Manipulating Yearn Finance (YFI) Prices on dYdX And Making Profits

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