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.
