Crypto investor turns $50,000,000 into just $36,000 with just one nightmarish action

A crypto investor made a very costly mistake that resulted in them losing about $50 million in a single transaction.

Cryptocurrency, like Bitcoin, has made some folks very rich, very quickly – like the man who invested at 12 and was a millionaire by the age of 18.

However, not everyone has been so lucky when it comes to investing in crypto. 

Just ask the person who recently saw their $50,432,688 fortune drop to just  $36,000 in a single transaction.

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The crypto investor lost around $50 million due to ‘extraordinary slippage’

On March 12, a crypto wallet on the Ethereum network swapped their $50,432,688 in USDT-backed tokens for roughly 327 AAVE tokens, which are worth about $36,000. 

This meant the investor paid around $154,000 per token, against a market rate of about $114, Fintech Weekly reported. 

Ouch. 

While it may sound like some sort of catastrophic financial accident, before the swap could go through the Aave interface had displayed a message warning the investor about ‘extraordinary slippage’. 

The message featured a checkbox which must be manually clicked by the user before the transaction goes ahead. 

And, in this case, the investor proceeded with it, according to Aave founder Stani Kulechov. 

“Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface,” Kulechov said in an X post. 

“Given the unusually large size of the single order, the interface 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.”

Kulechov said he ‘sympathized’ with the unknown user and that he would attempt to contact them to return $600,000 in fees that Aave collected from the transaction. 

While the investor will likely have the $600,000 fees returned to them, the rest of the money is gone for good and serves as a reminder to be cautious when investing. 

Wrapping up the lengthy X post, Kulechov said he and his team ‘will be investigating ways to improve these safeguards going forward’.

This investor isn’t the only one to make an expensive cryptocurrency mistake

The poor crypto investor above isn’t the only one to make an expensive mistake. 

Early Bitcoin millionaire Jered Kenna could have made himself an additional $95,000,000 more had it not been for an accident shortly after he first invested. 

He snapped up around 5000 Bitcoin for just $1,000 back in 2010. 

But shortly after, he accidentally wiped 800 coins from his computer. 

At the time, those 800 Bitcoins were worth about $160, but of course today, they’re worth a whole lot more. 

Meanwhile, it was an altogether different sort of mistake that left British IT engineer James Howells seriously out of pocket. 

In a smart move, he stored the private keys to his crypto wallet, which contained 8,000 Bitcoin, on a hard drive. However, the hard drive ended up getting thrown away, and despite Howells’s best efforts, he hasn’t been able to find it.

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