SwapNet router exploit drains $16.8M on Matcha Meta as attacker swaps $10.5M USDC on Base

A vulnerability tied to SwapNet router contracts on Matcha Meta led to around $16.8 million in losses, mainly hitting users who had disabled one-time token approvals. The attacker allegedly swapped roughly $10.5 million in USDC for about 3,655 ETH on Base before bridging funds to Ethereum, as multiple security firms reported cross-chain exposure and highlighted broader DeFi approval risks.