A whale lost nearly $50 million when exchanging USDT for AAVE because it ignored slippage warnings.

PANews reported on March 13 that, according to The Block, a whale lost nearly $50 million when it failed to notice slippage warnings while exchanging $50 million worth of USDT for AAVE through the Aave interface, ultimately only receiving about $36,000 worth of AAVE.

The founder of Aave Labs stated that a user attempted to purchase AAVE with $50 million USDT through the Aave interface. However, due to the unusually large order size, the trading interface issued an abnormal slippage warning and required the user to confirm via a checkbox. The user confirmed the warning on their mobile device and continued the transaction, accepting the high slippage and ultimately receiving only 324 AAVE. CoW Swap stated that the transaction was executed according to the parameters of the signed order, and the interface displayed a clear price impact warning; there was no indication of a protocol vulnerability or malicious behavior. Aave stated that they are attempting to contact the user and will refund the $600,000 fee collected from the transaction.