Crypto whale loses nearly $50 million swapping USDT for AAVE
The Block
A crypto whale lost approximately $50 million while swapping USDT for AAVE due to high slippage, despite warnings.Summary
A crypto whale recently lost nearly $50 million in a large transaction involving the swapping of USDT for AAVE. The loss occurred despite warnings about significant slippage displayed on the Aave interface, which the user confirmed before proceeding. Slippage, the difference between the expected and actual trade price, can occur in large orders or with low liquidity. Aave Labs CEO Stani Kulechov stated the user received only 324 AAVE in return for the $50 million USDT. CoW Swap confirmed no protocol exploit occurred, and the transaction executed as ordered. Aave is attempting to return $600,000 in fees collected from the transaction to the user.
(Source：The Block)