Crypto Trader Loses Nearly All of $50 Million in One Botched DeFi Transaction

Crypto trader loses nearly all of $50 million in one botched DeFi transaction

Aave founder Stani Kulechov said the interface displayed multiple slippage warnings, which the user manually accepted on a mobile device.

Crypto Whale Beached, Loses Nearly $50 Million Swapping USDT For AAVE

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AAVE User Loses $50 Million in Single Token Swap Due to Extreme Slippage

AAVE was hit by a major decentralized finance (DeFi) disaster on Thursday after a user lost around $50 million in a transaction involving a swap of a single token. This has shown that trading ultra-large amounts in a market that is less liquid is a major risk. Blockchain data show that the wallet attempted to trade $50,432,688 worth of aEthUSDT, an interest-bearing asset backed by USDT deposits on the token, for aEthAAVE, an asset backed by Aave…

DeFi Disaster: How Ignoring Slippage Warnings Cost One Trader $50 Million on Aave

TLDR Extreme slippage on Aave led to a devastating loss of nearly $50 million for one cryptocurrency trader in a single swap transaction. The transaction converted $50.4 million into approximately 327 AAVE tokens valued at just $36,000. The trader acknowledged and bypassed several explicit slippage warnings on mobile before executing the trade. An MEV bot executed a sandwich attack on the same transaction, extracting close to $10 million in pro…

Trader swaps $50M on Aave but receives just 324 AAVE — here’s what went wrong

A user attempting to swap $50 million worth of USDT for AAVE through the interface of the decentralized finance protocol Aave ended up receiving only 324 AAVE after accepting a quote with an extreme price impact, prompting the platform to…