SwapNet DEX Aggregator Hit by $16.8M Smart Contract Exploit
On Monday, on-chain decentralized exchange aggregator SwapNet was struck by a smart contract exploit that drained approximately $16.8 million in crypto assets. Details on the attack vector remain limited; however, the incident has already drawn attention from blockchain security firms and on-chain sleuths tracking suspicious transfers. SwapNet users and counterparties are advised to monitor official channels for updates and avoid interacting with affected contracts until investigators confirm the scope.
The loss underscores persistent risks in composable DeFi infrastructure, where aggregators can amplify exposure across liquidity pools and protocols. Market participants and auditors will likely reassess routing logic, timelocks and safeguard measures for aggregators. The event may also accelerate calls for stricter operational safeguards and insurance coverage for smart contract platforms as investigators and analytics teams continue tracing the stolen funds.