This user lost $1m of top DeFi coin Aave by accident: here's why

Just recently, top Ethereum decentralized finance project Aave began transitioning its native token LEND to a new token called AAVE. LEND had become outdated as it was named after the project's predecessor, ETHLend, and lacked certain technical and economic functionalities.

One user accidentally burnt their funds when they sent a large sum of AAVE to the contract address shortly after they converted their LEND into AAVE. The user has since gone inactive across linked wallets.

As first noted by crypto Twitter account TokenOops, which tracks accidental transactions made with ERC-20 tokens, one user burnt 28,050 AAVE worth over $1,000,000 two weeks ago when they sent the coins to the contract address of AAVE as opposed to an actual receiver.

04 AAVE lost forever, transferred to contract itself https://t.

The supply burnt represents around 0.175 percent of all AAVE that will ever be circulated.

Little is known about the user, as there seemingly has been no attempt to call for help on Aave forums.

Their address activity indicates that the user had just transformed their LEND tokens into AAVE tokens, then tried to send them to an address.

Weirdly, just before the burned $1,000,000 of the top DeFi coin, they sent other ERC-20 token holdings worth tens of thousands of dollars to a normal Ethereum address, suggesting there must have been some bug or miscommunication that caused this to happen.

The AAVE burn was the last transaction they made from that address.

As CryptoSlate reported previously, a user sent $1 million worth of the USDT stable coin directly to the Swerve token contract, where his coins have no purpose.