A crypto whale lost nearly $50M attempting to swap USDT for AAVE tokens through the Aave interface, receiving only about $36K worth of tokens in return. > The incident, which may be the largest slippage loss in crypto history, appears to stem from user error rather than a hack or exploit. > A user swapped $50M in USDT for AAVE but received only 324 AAVE (~$36K) after confirming a high-slippage warning on their mobile device. > Slippage occurs when a large order moves the market price during execution, resulting in a worse rate than expected. > CoW Swap, integrated with Aave, confirmed no exploit or malicious activity was involved and that price impact warnings were clearly displayed. > Aave Labs CEO Stani Kulechov expressed sympathy for the user and said the team is working to return $600K in fees collected from the transaction.