Matcha Responds to SwapNet Security Incident with Comprehensive Preventive Measures

Platform Matcha recently faced a security challenge related to SwapNet, a significant moment for the DeFi ecosystem. Matcha Meta promptly announced this issue through their X channel and took a series of responsive actions to protect its users.

Rapid Identification and Response to Potential Risks

Matcha users who have disabled the ‘One-Time Approval’ feature became the primary focus of this investigation. This feature, designed to enhance transaction flexibility, was found to be vulnerable to certain exploits. After receiving reports from various sources including Odaily, Matcha Meta immediately engaged with the SwapNet team to understand the scope of the incident.

SwapNet, as the party affected by the security breach, responded by temporarily suspending its contract to prevent further exploitation. This preemptive step demonstrates solid coordination within the ecosystem to minimize risk.

Technical Verification and Safety Assessment

Matcha Meta collaborated closely with the 0x protocol team to conduct a comprehensive audit. The verification results confirmed that the core security components—the AllowanceHolder and Settler contracts, which are the foundation of 0x—were not impacted by the incident. This news is good for users concerned about system stability.

Users who continue to perform transactions through the one-time approval mechanism on Matcha can proceed with greater confidence, as critical components have been declared secure by independent audits.

Strengthening Matcha’s Security Infrastructure

To prevent similar scenarios in the future, Matcha Meta made a strategic decision to remove features that allow users to set direct limits to third-party aggregators. This removal is not just a reactive measure but a reflection of the platform’s commitment to higher security standards.

Historical context shows that a previous security incident involving SwapNet resulted in a loss of $16.8 million in cryptocurrency, making the lessons learned from that event highly valuable for Matcha in designing better protections for users moving forward.