A bizarre transaction on the Ethereum network has drawn attention, with a user spending $50 million to purchase AAVE tokens worth only $36,000, resulting in a huge loss. On-chain data shows that the user exchanged a large amount of USDT for a small amount of AAVE through the CoW protocol, with a complex transaction process involving multiple decentralized exchanges.
An astonishing transaction on the Ethereum network has sent shockwaves through the cryptocurrency market.
On-chain data reveals that a user lost over $50 million after exchanging approximately $50.4 million USDT for AAVE worth only about $36,000.
The transaction occurred today at approximately 21:00 (UTC+3) and was confirmed within about 30 seconds. In the transaction, a wallet associated with 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 this exchange, the user received only about 327 AAVE tokens (worth approximately $36,000) while giving up assets worth $50.4 million. This indicates that the transaction may have resulted in a loss of over $50 million.
According to on-chain transaction records, USDT liquidity was routed to different platforms during the exchange process. Intermediate transactions were conducted through decentralized exchanges such as Uniswap V3 and SushiSwap. In the final stage, the AAVE tokens were deposited back into the Aave V3 protocol, converting them into aEthAAVE derivative assets.
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