A user lost almost $50 million in a decentralized finance protocol

[Oshosondy]

This happened on a decentralized finance protocol, although the trader saw the value of what would be gotten, but should the trade be executed at all when it is just a means to make people lose money.

After compensation will be made, the person still lost over $49 million. All these kind of decentralized money loss vulnerability should not exist.

https://x.com/StaniKulechov/status/2032193345414664659?s=20

[TastyChillySauce00]

His mistake was setting the slippage to enormously huge number, people thought setting slippage higher will only make their transaction smoother by sacrificing a little cost for the slippage, that couldn't be more wrong.
Low liquidity pool is a real thing and MEV bot exist. These bot are ready to borrow tens of millions from flash loan pool, pay the block builder fee to reorder transaction to frontrun you, disrupt the liquidity in the pool and sell you the coin at significantly higher rate.

For anyone out there who uses DEX and want to be safe, keep the slippage number at minimum always.

[l8orre]

just shows how parasitic and terminally corrupt the whole ETHSOLTRONPOLYGONADASHITSHOWAAVE with its flawed architectures and smart contracts are ..

spoiler: it's not a bug, it's a feature  

MEV maximum extractable value and sandwich orders etcetc are inherent features of this garbage  

seems sheeple always think that it is not going to be themselves that will be fleeced, always the others in the herd, until ...

errrm.. how many ETH did Vitalik just dump? 17,000 thereabouts?


https://x.com/StaniKulechov/status/2032193345414664659

Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface.

Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return.

right. casually trading $50M on a ... cellphone, swiping right past those annoying prompts...

The CoW Swap routers functioned as intended, and the integration followed standard industry practices.

it sure did, which is to fleece each and every user, usually only so it is not quite that noticeable, while this guy was so stupid that it made a notable dent, which brings unwanted attention to the systemic bloodsucking  ...