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SwapNet Exploit Drains $17M, Exposes DeFi Approval Risks

A significant security breach occurred at DEX aggregator SwapNet, resulting in a loss of approximately $16.8 million. The exploit was first identified by security firm PeckShield. The attacker swapped $10.5 million in USDC for Ether on Base network and bridged the funds to Ethereum. The vulnerability stemmed from users disabling the "One-Time Approval" feature designed to restrict token permissions. By doing so, they inadvertently granted direct and persistent approvals to underlying contracts, including SwapNet’s router, which the attacker exploited. Matcha Meta, the meta-DEX aggregator through which SwapNet was accessed, clarified that the issue did not originate from its core system but from this user configuration choice. SwapNet paused its contracts to mitigate further damage and investigate the incident. Users were urged to revoke approvals granted outside the One-Time Approval framework, especially for SwapNet’s router. The event underscores a critical DeFi trade-off: one-time approvals enhance security but add friction, while unlimited approvals improve usability but create persistent risk if a platform is compromised. This incident is part of a broader pattern of exploits targeting unverified code and standing approvals, highlighting ongoing risks in DeFi’s interconnected ecosystem. SwapNet has not yet released a technical post-mortem or confirmed user compensation.

TheNewsCryptoHace 23 hora(s)

SwapNet Exploit Drains $17M, Exposes DeFi Approval Risks

TheNewsCryptoHace 23 hora(s)

Bringing Web3 to 'Daily Life': Zakk Details the 'Next Phase' of OKX Web3

At the OKX "New Year's Eve Dinner" event on January 24, 2026, Zakk, Head of OKX Wallet, outlined the next phase of OKX Web3’s strategy: making crypto part of everyday life. The vision is built on three core principles: security and self-custody as the foundation, user experience as the bridge, and ecosystem infrastructure as the driving force. Zakk emphasized that a "superior Web3 experience" requires uncompromising security—such as protection against address poisoning scams—coupled with simplicity for users. OKX Wallet supports ~140 blockchains and aggregates ~500 DEXs, using smart routing to improve speed and pricing. Three key products were highlighted: - **Smart Account**: Integrates AA, MPC, and seedless technology with TEE-secured private keys, enabling advanced self-custody trading features like limit orders. - **CeDeFi**: A new wallet blending CEX and DEX functionalities, targeting new users with a TEE-based, non-custodial model that requires no seed phrases. - **OKX Pay**: A payment product designed to merge crypto payments with DeFi, aiming for mass adoption. X Layer, OKX’s blockchain, was positioned as the scalable backbone, targeting 5,000 TPS, 400ms block times, and near-zero fees. Zakk stressed the importance of sustainable ecosystem growth—focusing on project incubation and diverse applications beyond trading, such as RWA and AI. With stablecoins approaching trillion-dollar scale, OKX aims to make Web3 accessible, secure, and practical for billions.

marsbitHace 2 días 05:31

Bringing Web3 to 'Daily Life': Zakk Details the 'Next Phase' of OKX Web3

marsbitHace 2 días 05:31

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