Security Breach at SwapNet Leads to Asset Theft
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 4d ago- Security Incident Impact: Matcha Meta disclosed a security breach involving SwapNet that resulted in approximately $16.8 million in cryptocurrency theft, although users with 'One-Time Approval' were unaffected, highlighting potential vulnerabilities in crypto protocols.
- Contract Disablement Response: The SwapNet team swiftly disabled its contract after being contacted by Matcha Meta to contain the damage, underscoring the importance of rapid responses in decentralized systems, even as market reactions remained limited.
- Attacker Behavior Analysis: Blockchain security expert PeckShieldAlert reported that the attacker drained around $16.8 million in cryptocurrency, exchanging approximately $10.5 million in USDC for 3,655 ETH, primarily on the Base chain, reflecting community concerns over security.
- Stablecoin Market Performance: Despite security issues, USDC remains stable at $1.00, with a market cap of $72.41 billion and a trading volume of $10.49 billion, indicating a continued demand for enhanced security as the cryptocurrency ecosystem expands.
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.
