POPA Recon- A manipulator used a sandwich attack on Pendle’s YT to depress PT-reUSD price by ~3%, triggering $36M in Morpho liquidations across 19…
- A manipulator used a sandwich attack on Pendle’s YT to depress PT-reUSD price by ~3%, triggering $36M in Morpho liquidations across 19 borrowers and seizing 38.64M PT with zero bad debt. - The attacker/liquidator captured ~$1.09M profit via a non-atomic strategy requiring ~$6.5M capital to deposit seized PT as collateral, borrow stables, and unwind gradually, bypassing atomic MEV competition that only yielded builders ~4.2 ETH. - On-chain links show synchronized funding and withdrawals from the same Gate.io hot wallet to both the YT manipulation address and main liquidation strategy, though…
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