One user lost approximately $50 million in a single transaction due to slippage; the founder of Aave stated that the platform had issued multiple warnings.

A crypto user lost approximately $50 million in a token swap transaction on Thursday. On-chain data shows that the user swapped approximately $50.43 million worth of aEthUSDT for aEthAAVE via the CoW Protocol. Due to insufficient liquidity in the relevant pools, the transaction experienced slippage exceeding 99%, ultimately resulting in only about 327 aEthAAVE, worth approximately $36,000. The difference was profited by arbitrageurs and network intermediaries. Aave founder Stani Kulechov posted on the X platform that the user purchased AAVE with $50 million worth of USDT through the Aave interface. Due to the unusually large order size, the interface issued an extreme slippage warning and requested confirmation. The user accepted the warning on their mobile device and continued the transaction. Kulechov stated that the CoW Swap router functioned as expected and followed industry standard operating procedures, but the result was clearly undesirable. Kulechov said Aave plans to contact the user and refund the approximately $600,000 in fees collected from the transaction. Several days before this incident, approximately $27 million in positions on Aave were liquidated, and some market participants believe that the liquidation may be related to temporary pricing issues with wstETH.