ChainThink report, March 15: Aave released a post-mortem on the Swap incident, stating that a user executed a token swap via CoW Swap routing on the Aave frontend, converting approximately $50.43 million in aEthUSDT into roughly $36,000 worth of aEthAAVE, resulting in a price impact of approximately 99.9%.

Aave clarified that the transaction occurred within a third-party Swap protocol and did not affect the core lending protocol. The root cause was the user executing an exceptionally large order in a market with extremely low liquidity, subsequently confirming a high-risk quote. Aave announced it will launch the Aave Shield feature, which will default to blocking any Swap with a price impact exceeding 25%.