A user lost approximately 50 million dollars in a single transaction due to slippage, and the founder of Aave stated that the interface had issued multiple warnings
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A crypto user lost approximately $50 million in a token swap transaction on Thursday. On-chain data shows that the user exchanged about $50.43 million worth of aEthUSDT for aEthAAVE through the CoW Protocol, but due to insufficient liquidity pool depth, the transaction experienced a slippage of over 99%, ultimately resulting in the user receiving only about 327 aEthAAVE, worth approximately $36,000, with the difference being captured by arbitrage traders and network intermediaries.
Aave founder Stani Kulechov posted on the X platform that the user purchased AAVE using $50 million USDT through the Aave interface. Due to the unusually large size of the single order, the interface issued an extreme slippage warning to the user and required confirmation. After accepting the warning on a mobile device, the user proceeded with the transaction.
Kulechov stated that the CoW Swap router operated as expected and followed industry-standard operating procedures, but the outcome was clearly not ideal. Kulechov mentioned that Aave plans to contact the user and refund approximately $600,000 in fees charged from the transaction. Days before this incident, about $27 million in positions on Aave were liquidated, and some market participants believe that this liquidation may be related to a temporary pricing issue with wstETH.
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