The post Matcha Meta SwapNet Security Breach Drains $16.8 Million appeared on BitcoinEthereumNews.com.

The post Matcha Meta SwapNet Security Breach Drains $16.8 Million appeared first on Coinpedia Fintech News Blockchain security platform PeckShieldAlert has flagged a major security breach involving SwapNet, affecting users who interact through Matcha Meta. Meanwhile, attackers exploited token approvals to drain $16.8 millions in crypto.  PeckShieldAlert data reveal how disabled safety settings exposed users to unexpected losses. How the SwapNet Hack Happened According to PeckShieldAlert, the hack did not happen due to a flaw in Matcha Meta itself, but because of how some users managed token approvals. Matcha Meta offers a One-Time Approval feature, which limits token access to a single transaction. However, users who turned off this feature and instead gave direct, long-term allowances to individual aggregator contracts exposed themselves to higher risk. #PeckShieldAlert Matcha Meta has reported a security breach involving SwapNet. Users who opted out of “One-Time Approvals” are at risk. So far, ~$16.8M worth of crypto has been drained. On #Base, the attacker swapped ~10.5M $USDC for ~3,655 $ETH and has begun bridging funds to… https://t.co/QOyV4IU3P3 pic.twitter.com/6OOJd9cvyF — PeckShieldAlert (@PeckShieldAlert) January 26, 2026 Attackers took advantage of these permanent approvals linked to SwapNet. Once access was granted, the hacker could move funds freely without needing further user confirmation. This is how wallets were drained without users actively signing new transactions. On-Chain Activity Confirms Fund Movement Blockchain data shows that the attacker focused heavily on the Base network. Around $10.5 million worth of USDC was swapped for roughly 3,655 ETH. Shortly after, the attacker began bridging the funds from Base to Ethereum, a common tactic used to reduce traceability. Additional transaction records reveal large USDC transfers exceeding $13 million, along with Uniswap V3 liquidity interactions. Altogether, PeckShieldAlert estimates that approximately $16.8 million in crypto was stolen. Matcha Meta and SwapNet’s Response Matcha Meta quickly acknowledged the…

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Filed under: News - @ January 26, 2026 10:24 am