SWAPNET $16.8M DRAINED. URGENT ACTION NEEDED!
SwapNet DEX aggregator has been exploited for $16.8M in crypto assets. A compromised router contract allowed attackers to exploit lingering token approval permissions even after users disabled core security features. This attack targeted SwapNet’s integration with Matcha Meta.
The exploit affected users who did not opt for 0x's One-Time Approval and instead granted direct permissions to the underlying aggregator contract. Attackers on Base network swapped approximately $10.5M worth of $USDC for $ETH, then bridged it to the Ethereum mainnet to obscure their tracks.
Matcha Meta has identified the SwapNet router contract (0x616000e384Ef1C2B52f5f3A88D57a3B64F23757e) as the critical asset users must revoke approval for immediately. This incident highlights the ongoing DeFi security vulnerabilities.
Disclaimer: This is not financial advice.
#DeFi #Crypto #Exploit #Security #Trading
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