The minute’s defining event was not simply that many transactions failed. It was where they failed: 207 of 762 failures stopped at the same flash-loan repayment function, flash_loan::return_flashloan_quote. The minute contained 2,430 eligible transactions, so its failure rate was 31.4%, compared with 8.4% across the frozen corpus.
Among the 2,277 transactions that received a usable semantic classification, execute-swap-route was the leading asserted behavior: 413 transactions, or 18.1%. Of those route attempts, 310 failed. The dominant repayment guard accounted for 188 of those route failures—60.6%—while other route failures stopped at balance splitting, slippage checks, vault withdrawals, and related safeguards.
The failure arrived in waves
The minute began badly but did not remain uniformly broken. In the first five seconds, 80 of 252 transactions failed. Then came a run of 162 consecutive successful transactions. The sharpest deterioration arrived around 14:16:35: 304 of 534 transactions failed in that five-second bucket, followed by 131 of 275 in the next bucket.
The first transaction, 5z1UF82Y, is a compact explanation of the main failure mode. It opened a quote-backed flash obligation, sent the borrowed coin through Bluefin’s B-to-A adapter and Cetus’s B-to-A adapter, then presented the returned coin and receipt for repayment. It submitted 5.39236 USDC at the repayment step, but stopped with a Move abort. The application changes were rolled back; the transaction proves an attempted route, not a completed exchange.
That same abort site was still appearing among the final failures. The last failed route in the minute, F2DEcTpc, also stopped at return_flashloan_quote. The repeated endpoint suggests a shared repayment condition across many route compositions, although the evidence does not establish why each individual repayment failed.
The pattern was not universal. GmaNCSst completed a two-call route through a gateway swap entrypoint. The sender-boundary movements were +200 WAL, −5.865984 USDC, and −0.001538104 SUI. Even here, the stored explanation is careful: the route reached its committed emission point, but the evidence cannot distinguish an exchange from a return without exchange. Opposite-signed asset movements alone do not prove a trade.
The rest of the minute was an order-book maintenance storm
Swap routes were only one part of a crowded minute. The other leading behaviors were placing limit orders, 372 of 2,277 classified transactions, and cancelling orders, 323 of 2,277. Two senders supplied 717 of all 2,430 transactions, but their shared cadence does not establish a common operator.
A representative cancellation, FuwN4Mqt, used an owner proof to cancel an identified NS/USDC order. The record binds a resting price of 0.01182 USDC per NS and 1,015.2 NS of resting size removed from the book. That describes order cancellation; it does not establish that the order traded.
The minute also carried 512 sponsored transactions. Its sender-boundary movements included 120,295.20281037 SUI in and 138,751.331980053 SUI out on the holding side, a net of −18,456.129169683 SUI across 1,364 transactions. Gas accounting separately recorded a net −1.643490768 SUI across 1,775 transactions. These categories describe different evidence and must not be added together. No prices or profit measure exist in this record.
Four exact revisions have their earliest stored calls in this minute, after more than an hour of preceding observation, and together they represented only 11 calls across the corpus. They genuinely enter this window's observed repertoire here, but the timing does not establish deployment. Their small footprint makes them a backdrop, not a sufficient explanation for the failure spike. The stronger signal is the concentration of failures at an already-recognized repayment boundary, especially during the 14:16:35–14:16:45 surge.
For a closer look, start with 5z1UF82Y for the failed flash route, GmaNCSst for a committed but economically unresolved route, or FuwN4Mqt for the order-book exception. The dominant contract endpoint is 0x90290f…02df56::flash_loan::return_flashloan_quote, and the minute’s route evidence is grouped under patterns such as sui/execute-swap-route/coverage93-r056-whole/v1.