Crypto Scam Drains $16.8 Million from Matcha Meta via SwapNet Exploit

The cryptocurrency market has experienced a scam, resulting in $16.8 million being withdrawn from Matcha Meta, a decentralized exchange aggregator.

Blockchain security firms like PerkShield have identified the incident.
Matcha Meta reported a security issue impacting its SwapNet integration on January 25.
SwapNet contracts were temporarily disabled as a precautionary measure.

Approximately $10.5 million in USDC was swapped out of the stolen assets. The attacker converted these funds into about 3,655 Ethereum and began bridging to Ethereum.

PerkShield's estimate: $16.8 million stolen.
CertiK initially estimated a $13.3 million loss in USDC on Base.
The vulnerability was an "arbitrary call," allowing fund transfers through approved contracts.

In related news, South Korean prosecutors lost approximately $48 million in seized Bitcoin due to a phishing scam.

The Gwangju District Prosecutors’ Office discovered the loss during a routine check.
Cybercriminal activities are rising, prompting collaborations between crypto firms, law enforcement, and industry partners.

Tether announced a joint initiative with the United Nations Office on Drugs and Crime to counter organized crime and illicit financial flows.