- A DeFi user lost $50 million in a swap blunder last week.
- Onlookers now question where the money went.
- Experts mull over who is ultimately to blame.
It’s the stuff of nightmares.
Last week, the crypto industry looked on in horror as an unknown trader on the Ethereum blockchain immolated some $50 million by agreeing to an extremely lopsided swap, routed through permissionless decentralised finance apps.
Despite on-screen warnings, the trader agreed to convert around $50 million worth of Tether’s USDT stablecoin for 327 Aave tokens, worth just $37,000.
“Before confirming the transaction, the user was shown a clear warning on Aave’s interface indicating that the trade carried an extraordinary price impact,” Nikita Ovchinnik, CEO of
