Matcha Meta Suffers $16.8 Million Loss from SwapNet Exploit
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 2d ago- Exploit Overview: On January 25, 2026, Matcha Meta reported a security breach involving the SwapNet routing contract, resulting in the theft of approximately $16.8 million in cryptocurrency assets, highlighting security risks in the decentralized finance (DeFi) space.
- User Risk Analysis: The attack primarily affected users who manually disabled the 'One-Time Approval' security feature, granting persistent permissions to the vulnerable SwapNet router, underscoring the importance of user security awareness.
- Funds Transfer Details: The attacker initially swapped around $10.5 million in USDC for 3,655 ETH on the Base network before bridging the funds to the Ethereum mainnet, employing common tactics to obscure transaction trails and hinder asset recovery.
- Industry Warning and Reflection: This incident serves as a stark reminder of the 'invisible tax' of complexity, emphasizing the critical need for robust auditing and user-level security measures as DeFi increasingly integrates cross-chain interoperability features.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
