# Exploit Related Articles

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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.

TheNewsCrypto01/26 10:11

SwapNet Exploit Drains $17M, Exposes DeFi Approval Risks

TheNewsCrypto01/26 10:11

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