在幣圈，如果有人瞬間損失數千萬美元，通常是駭客攻擊、漏洞遭濫用所致。然而，今（13）日凌晨卻發生令人瞠目結舌的慘案：有位「巨鯨大戶」在兌換代幣時，即使系統已發出防呆警告，卻仍執意授權交易，最終觸發極端滑價，瞬間賠掉 5,000 萬美元。
**流動性枯竭惹禍 **
鏈上數據顯示，這位巨鯨當時透過 Aave 介面，嘗試將高達 5,043 萬美元的 aEthUSDT 兌換成 aEthAAVE 。致命的是，由於交易資金池的「流動性極度枯竭」，這筆交易在執行時，觸發了高達 99% 以上的驚人「滑價（指交易的預期價格和交易執行價格之間的差額）」。
交易完成後，這位用戶只換回約 327 枚 aEthAAVE 代幣，價值僅剩 3.6 萬美元。至於中間高達 5,000 萬美元的巨大價差，則瞬間被套利交易者、網路中介節點（如 MEV 機器人）給瓜分殆盡。
事實上，在去中心化金融（DeFi）的世界裡，這類因滑價而導致鉅額虧損的慘劇偶有所聞。當交易者試圖在流動性極淺的資金池中，強行吞下超大額訂單時，就會引發價格劇烈失真。在這種情況下，自動套利系統會迅速介入，利用交易造成的價差來來獲利。
Aave 創辦人：系統早已發出滑價警告
針對這起事件，Aave Labs 創辦人、執行長 Stani Kulechov 在社群平台 X 上發文還原了事發經過：
今天稍早，一位用戶試圖透過 Aave 介面，豪砸 5,000 萬美元的 USDT 來買進 AAVE 代幣。考量到這是一筆極度罕見的超大額訂單，Aave 介面如同市面上大多數的交易平台，向用戶發出「異常滑價」的強烈警告，並強制要求用戶「必須勾選確認框」才能放行。
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.…
— Stani.eth (@StaniKulechov) March 12, 2026
遺憾的是，這位用戶最終還是按下確認鍵，並繼續進行兌換，接受了極高滑價，最終只收到 324 枚 AAVE 。
CoW Swap：未發現漏洞或惡意行為
與 Aave 深度整合的 CoW Swap 也隨即發布聲明強調：「就目前掌握的資訊來看，這起事件並非任何協議漏洞或惡意攻擊所致。該筆交易完全是依照用戶親自簽署的訂單參數去執行。」
CoW Swap 進一步說明：「對於如此大規模的兌換交易，我們的介面都會發出明確的『價格衝擊』警告。目前團隊仍持續釐清相關細節，若有新進展將會對外公布。」
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Institutional Capital Inflows Drive Bitcoin ETF Six Consecutive Days of Net Inflows, BTC Price Rises Over 12% During Period
On March 17, US Bitcoin ETFs achieved net inflows for six consecutive days, with total capital reaching $962.8 million, and Bitcoin price rose more than 12%. Analysts believe that geopolitical tensions and Bitcoin's safe-haven attributes have driven institutional demand, with the market maintaining attention on its future trajectory.
GateNews3m ago
Trump Meme Coin Dinner Frenzy Reaches New Heights: Traders Make Precise Bets, Rake in $2 Million
Trump announced an exclusive dinner for Meme coin holders, sparking market speculation opportunities. Trader "little x" profited over 2 million dollars following the news. Despite obvious short-term gains, long-term holders underperformed. This event sparked controversy, involving potential conflict of interest risks. Overall, the market dynamics and compliance aspects of this project warrant further attention.
GateNews9m ago
TradFi Fall Alert: TME (Tencent Music) Falls Over 2%
Gate News: According to the latest Gate TradFi data, TME (Tencent Music) has dropped by 2% in a short period. Current volatility is significantly higher than recent averages, indicating increased market
GateNews11m ago
Bitcoin Surpasses $75,000: Short Liquidations Exceed $330 Million, Continuous ETF Inflows Drive Market Rally
Bitcoin's price broke through $75,000 on March 17, hitting a six-week high, accompanied by large-scale short position liquidations. Crypto market liquidations in the past 24 hours approached $498 million, with mainstream altcoins also performing strongly. Spot Bitcoin ETFs have attracted significant institutional capital inflows, boosting market confidence. Technical analysis shows Bitcoin has further upside potential, with resistance at $79,000 and support at $72,000.
GateNews13m ago
Huang Renxiun Releases Positive Expectations for Token Industry, HKG Sunced Surges Over 29% in Afternoon Trading
Hong Kong stock Xunce (03317.HK) surged more than 29% on the afternoon of March 17. Nvidia's Huang Renxun mentioned that larger models will reduce token generation speed, which will impact enterprise revenue. As a leading domestic provider of real-time data infrastructure, Xunce is regarded as Hong Kong stock's "token first stock."
GateNews16m ago
RLUSD Records 143% Surge in Volume as XRP Flips $1.40 Resistance - U.Today
Ripple USD (RLUSD) stablecoin volume surged 143% amid increased crypto activity and XRP's rise above $1.40. Demand is driven by investors buying XRP with RLUSD, contributing to its market cap growth. Ripple aims for global expansion, enhancing accessibility for institutional users.
UToday26m ago
