$DYDX crypto manipulation
Here is an overview and on-chain highlights of the recent YFI fall:
FI suddenly dropped by more than 40% within hours yesterday
Approximately $250M in market value vanished afterward
Around 60% of YFI's recent gains were cleared away
96.3% of YFI Open Interest on dYdX (around $60M) was wiped out. While YFI is very rarely traded on dYdX normally, the recent spike in its price has pushed the Open Interest to peak at nearly $62M
Antonio Juliano ( @AntonioMJuliano ), the dYdX's founder, suspected "an intentional market manipulation attempt by a well-capitalized actor(s)" to target the large OI on dYdX.
Notably, the "actor" managed to withdraw a large amount of USDC from dYdX right before the price crash. He/she also attempted unsuccessfully to attack the dYdX SUSHI market two weeks ago.