Matcha Meta breach tied to SwapNet exploit drains up to $16.8M

Matcha Meta urged users to revoke one-time approvals for SwapNet’s router contract after a smart contract vulnerability saw up to $16.8 million stolen on the Base blockchain.

Decentralized exchange (DEX) aggregator Matcha Meta suffered a security breach on Sunday through one of its primary liquidity providers, SwapNet, in the latest cyberattack tied to exploiting smart contract vulnerabilities.

Matcha Meta disclosed the breach in a post on X on Sunday, warning that users who had disabled one-time token approvals may be at risk. The protocol urged users to immediately revoke all approvals granted to SwapNet’s router contract to prevent further losses.

Estimates of the stolen funds vary. Blockchain security company CertiK said roughly $13.3 million was taken, while PeckShield estimated at least $16.8 million in funds stolen on the Base network.

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