A remarkable transaction on the Ethereum network has caused a major stir in the cryptocurrency market.
According to on-chain data, one user lost over $50 million by exchanging approximately $50.4 million worth of USDT for only about $36,000 worth of AAVE.
The transaction took place today around 21:00 (UTC+3) and was confirmed in approximately 30 seconds. In the transaction, a wallet linked to the address 0x98B9D…7Ac8 first withdrew 50.4 million USDT from the Aave protocol. This amount was then converted to AAVE tokens via the CoW Protocol.
However, as a result of the exchange, the user received only approximately 327 AAVE tokens (worth about $36,000) in exchange for assets worth $50.4 million. This indicates a potential loss of over $50 million as a result of the transaction.
According to on-chain transaction records, USDT liquidity was routed to different platforms during the exchange process. Intermediate transactions took place through decentralized exchanges such as Uniswap V3 and SushiSwap, and in the final stage, AAVE tokens were deposited back into the Aave V3 protocol, converting them into the aEthAAVE derivative asset.
*This is not investment advice.
