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<div class="key-points-section">
 <b>Key Points:</b>
 <ul>
  <li>Security breach in SwapNet leads to stolen assets; Matcha Meta reacts.</li>
  <li>Users with "One-Time Approval" unaffected after contract disabled.</li>
  <li>$16.8M in cryptocurrency stolen from SwapNet users.</li>
 </ul>
</div>  
<p>Matcha Meta revealed a security incident on its X platform account involving SwapNet, with approximately $16.8 million in cryptocurrency assets affected; SwapNet’s contract has been temporarily disabled.</p>   
<p>The breach spotlights potential vulnerabilities in cryptocurrency protocols, though Matcha Meta confirms user safety with one-time approvals. Market responses remain limited amid heightened security awareness.</p>  
<h2 id="matcha-meta-and-0x-protocol-swiftly-contain-security-breach">Matcha Meta and 0x Protocol Swiftly Contain Security Breach</h2> 
<p>A statement by Matcha Meta on its X platform account revealed a security incident affecting SwapNet, with users who disabled "One-Time Approval" potentially impacted. The SwapNet team has disabled its contract after being contacted by Matcha Meta to contain the damage.</p> 
<p>Following coordination with the <a href="https://www.binance.com/en/square/post/01-26-2026-matcha-meta-addresses-security-incident-linked-to-swapnet-35589538227882">0x protocol team</a>, Matcha Meta confirmed that the core contracts of AllowanceHolder or Settler remain unaffected by this incident. As part of preventive measures, the option for users to directly set limits with the aggregator has been removed by Matcha Meta.</p> 
<blockquote>
 "We confirmed contacting the SwapNet team, which disabled its contract, and coordinated with the <strong><a href="https://coincu.com/news/hashkey-hkex-listing-digital-assets/" data-type="link" data-id="https://coincu.com/news/hashkey-hkex-listing-digital-assets/">0x protocol team</a></strong> to verify no impact on core 0x contracts." — Matcha Meta Security Team
</blockquote>
<p>The community reacted robustly to this occurrence, with blockchain security expert <a href="https://twitter.com/PeckShieldAlert/status/2015608261119217671">PeckShieldAlert</a> revealing that the attacker managed to drain approximately $16.8 million worth of cryptocurrency. The attacker exchanged around $10.5M USDC for 3,655 ETH, mostly on the Base chain. Community sentiment indicated concerns over security but acknowledged the swift response of the companies involved.</p> 
<h2 id="historical-responses-to-defi-breaches-and-usdc-stability">Historical Responses to DeFi Breaches and USDC Stability</h2> 
<p style="background-color: #222222; color: #ffffff; padding: 10px; border-radius: 5px;"><strong>Did you know?</strong> In prior incidents involving Ethereum-based platforms, rapid shutdowns have been successful in mitigating further damage post-security breaches, highlighting the importance of such measures in decentralized systems.</p> 
<p>Stablecoin USDC, currently priced at $1.00 with a market cap of $72.41 billion and trading volume of $10.49 billion, remains steady. Over the past 90 days, its price showed a slight decline of 0.01%. These figures from CoinMarketCap provide a snapshot of USDC’s stability amidst evolving security concerns.</p>  
<figure class="wp-block-image aligncenter size-large"> <a href="https://coincu.com/wp-content/uploads/2026/01/USDC-daily-chart-on-0438-UTC-on-January-26-2026file.jpeg"> <img src="https://coincu.com/wp-content/uploads/2026/01/USDC-daily-chart-on-0438-UTC-on-January-26-2026file.jpeg" alt="usdc-daily-chart-410" class="wp-image-391182"> </a> 
 <figcaption class="wp-element-caption">
  USDC(USDC), daily chart, screenshot on CoinMarketCap at 04:38 UTC on January 26, 2026. <em>Source: <a href="https://coinmarketcap.com/currencies/usd-coin/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a></em>
 </figcaption> 
</figure>  
<p>Experts from Coincu Research emphasize the importance of ongoing security enhancements. They anticipate increased regulatory scrutiny as the cryptocurrency ecosystem continues expanding, driven by historical vulnerabilities and present-day challenges.</p>  
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    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on<a href="https://coincu.com/"> this website</a> is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
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</figure>  <a href="https://coincu.com/uncategorized/matcha-meta-swapnet-security-breach/">Read original article on coincu.com</a>

Matcha Meta's Security Alert: SwapNet Contract Disabled Amid Asset Theft

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