SwapNet (an on-chain swap router used across multiple EVM networks) was hit by an exploit that security researchers estimate at roughly $16.8M–$17M in losses. The incident was observed across several chains (including Ethereum, Arbitrum, Base, and BSC), and the dominant risk pattern is an approval-drain: if a user previously granted token allowances (“approvals”) to the router, an attacker could potentially pull funds up to the approved limit.
Which contract address to check
SwapNet’s docs list the router address (used across supported EVM networks) as:
0x616000e384Ef1C2B52f5f3A88D57a3B64F23757e
If you’ve ever used SwapNet directly or via integrations, you should verify whether this address still has any active approvals for your tokens.
What likely happened (high level)
Public analysis suggests the exploit involved a router behavior that enabled attacker-controlled call execution. In practice, that can allow an attacker to trigger token transferFrom() calls against wallets that previously approved the router — so the attack doesn’t necessarily require you to “click something” now; the exposure can come from older, long-lived allowances.
Why some Matcha Meta users were warned
Matcha Meta warned that some users may have been exposed via the SwapNet integration—especially those who disabled one-time approvals and granted longer-lived allowances. SwapNet contracts were reportedly disabled while the incident was investigated, but lingering approvals can remain a risk until revoked.
What to do now (recommended steps)
- Revoke approvals for the router address
0x616000e384Ef1C2B52f5f3A88D57a3B64F23757e. - Use a permissions dashboard such as Revoke.cash, or revoke inside your wallet’s approvals manager (e.g., Rabby Wallet → Approvals).
- Even if you don’t remember interacting with SwapNet, audit your approvals anyway—the key risk is having an old allowance still open.
Quick safety checklist
- ☑️ Revoke router approvals for major tokens (stablecoins, ETH-wrapped assets, etc.).
- ☑️ Prefer one-time approvals when possible.
- ☑️ Regularly review allowances after using any DEX/aggregator/bridge-like tooling.
