In brief
- A trader swapping $50 million in USDT for AAVE received only 324 tokens after confirming a slippage warning.
- At AAVE’s current price of $111.52, the tokens received are worth roughly $36,100.
- Aave founder Stani Kulechov said the protocol will attempt to return about $600,000 in fees from the trade.
A crypto trader lost almost the entire value of a $50 million transaction on Thursday after executing a large swap for Aave’s governance token through the decentralized finance protocol’s trading interface.
The user attempted to buy AAVE with $50 million worth of the stablecoin USDT through the Aave interface, according to a statement posted on X by Aave founder Stani Kulechov.
Because the order was unusually large relative to…
