Crypto Catastrophe: $16.8 Million Vanishes Like a Magic Trick!

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Ah, darlings! Gather ’round as we unveil the latest spectacle in the world of cryptocurrency-a thrilling heist that would make even the most seasoned con artist blush! Our dear friends at PeckShieldAlert have just alerted us to a rather scandalous security breach involving SwapNet, which has left a staggering $16.8 million in crypto swiped away faster than you can say “One-Time Approval!”

It seems our unsuspecting users were left vulnerable, all thanks to some rather unwise token approval decisions. Who knew disabling safety settings could lead to such unexpected financial misadventures?

The Art of the Hack: A Masterclass

Now, let’s not point fingers-this little escapade wasn’t due to any faults in Matcha Meta itself, oh no! Instead, it was the charming users who, in their infinite wisdom, decided to manage their token approvals with all the caution of a cat on a hot tin roof.

Matcha Meta does offer a delightful One-Time Approval feature, designed to limit token access to a single transaction-a marvelous invention, really! However, those who opted out and granted long-term allowances to individual contracts found themselves dancing dangerously close to the edge of financial ruin.

#PeckShieldAlert reports that Matcha Meta is embroiled in a security debacle involving SwapNet. Those who bypassed “One-Time Approvals” are now rather exposed.

To date, approximately $16.8 million has taken a one-way ticket out of wallets.

On #Base, the dastardly attacker swapped about 10.5 million $USDC for a delightful haul of 3,655 $ETH and has begun bridging funds to…

– PeckShieldAlert (@PeckShieldAlert) January 26, 2026

These clever attackers took full advantage of the permanent approvals granted by our dearly departed users. Once they were in, it was like letting a fox into the henhouse-funds flew away without needing so much as a signature on a new transaction.

Following the Trail: On-Chain Shenanigans

As per the blockchain records, our crafty thief seemed particularly enamored with the Base network, swapping around $10.5 million worth of USDC for a splendid 3,655 ETH. Shortly thereafter, they began bridging the loot from Base to Ethereum-a classic move to fog up those pesky traces.


Additional records reveal that several large USDC transfers exceeding $13 million were made-with a smattering of Uniswap V3 liquidity interactions thrown in for good measure. In total, PeckShieldAlert estimates that this unfortunate episode resulted in approximately $16.8 million in crypto disappearing into thin air.

Response from the Scene: Matcha Meta and SwapNet

In the wake of this debacle, Matcha Meta quickly acknowledged the situation, assuring us they’re collaborating closely with the SwapNet team. As an immediate response, SwapNet has temporarily disabled its contracts-because, darling, sometimes you just have to hit the brakes!

To safeguard their users henceforth, Matcha Meta has removed the option for direct aggregator allowances, ensuring that this type of financial faux pas won’t happen again. They’ve also implored their users to revoke any existing approvals outside of 0x’s One-Time Approval contracts, especially those associated with SwapNet’s router contract. Better safe than sorry, I say!

We’re aware of a situation involving SwapNet that may have affected users on Matcha Meta who chose to turn off One-Time Approvals.

We’re in touch with the SwapNet team, who have temporarily disabled their contracts.

The team is investigating and will keep you updated…

– Matcha Meta (@matchametaxyz) January 25, 2026

And thus, the tale continues, with both teams promising to keep us posted as they unravel the full impact of this caper and monitor those elusive stolen funds. Stay tuned, darlings-this saga is far from over!

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2026-01-26 13:21