Attackers took advantage of these permanent approvals linked to SwapNet. Once access was granted, the hacker could move funds freely without needing further user confirmation. This is how wallets were drained without users actively signing new transactions.
Additional transaction records reveal large USDC transfers exceeding $13 million, along with Uniswap V3 liquidity interactions. Altogether, PeckShieldAlert estimates that approximately $16.8 million in crypto was stolen.
Matcha Meta quickly acknowledged the incident and confirmed it is working closely with the SwapNet team. As an immediate step, SwapNet temporarily disabled its contracts to prevent further exploitation.
To protect users going forward, Matcha Meta removed the option to set direct aggregator allowances, ensuring this type of exposure cannot happen again. The platform also urged users to revoke all existing approvals outside of 0x’s One-Time Approval contracts, especially those linked to SwapNet’s router contract.
Investigations are ongoing, and both teams have promised continuous updates as they work to understand the full impact and monitor the stolen funds.
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