An unidentified wallet routed 50.43M USDT (received from Binance 20 days earlier) through Aave’s CoW Protocol/CowSwap flow. The solver burned aEthUSDT to withdraw 50.43M USDT, swapped USDT for ~17,958 WETH on Uniswap V3 (incurring ~ $13.6M lost to slippage), then routed the WETH into a very small SushiSwap AAVE/WETH pool and received only 331 AAVE (~$36.4k, ~99.9% slippage). The AAVE was redeposited into Aave as 327 aEthAAVE and delivered to the trader. Aave’s UI showed an “extraordinary slippage” warning; the user confirmed the trade. Aave founder Stani Kulechov said the team will attempt contact and return $600k in fees collected from the transaction.

The trade converted 50.43M USDT into only ~331 AAVE after routing through Uniswap V3 and a tiny SushiSwap AAVE/WETH pool, producing ~99.9% slippage and roughly $13.6M lost to slippage; Aave warned of extraordinary slippage and its founder said the team will attempt contact and return $600K in fees. These are factual on-chain outcomes indicating severe liquidity mismatch and a damaging trade execution for AAVE.