Coinbase Loses $300K in MEV Exploit After Misstep With 0x Swapper Contract

Coinbase Loses $300K in MEV Exploit After Misstep With 0x Swapper Contract

The bots simply waited for a high-value wallet — like Coinbase’s fee receiver — to mistakenly grant spending rights to an exposed contract, then executed the drain instantly.

Coinbase Hit by $300,000 Loss From Token Approval Mistake

The crypto exchange Coinbase has confirmed losing around $300,000 in tokens after a mistake involving one of its corporate wallets used for decentralized exchange transactions.

Coinbase Loses $300K To MEV Bots From 0X Swapper Error – MAXBIT

An error in approving a token swapper cost Coinbase 300K. MEV bots took advantage of an unprotected corporate wallet immediately. It did not impact any customer funds and brings attention to DeFi risks. Recently, Coinbase encountered an expensive oversight.  An error resulted in the wrong approval of tokens to the 0x Project swapper contract, and...

Coinbase Loses $300,000 In MEV Exploit After Token Approval Error - FinanceFeeds

Crypto exchange Coinbase lost around $300,000 after a misstep involving decentralized exchange protocol 0x’s “swapper” contract allowed automated trading bots to drain tokens from one of its corporate wallets. Security researcher “deeberiroz” of Venn Network flagged the incident on Wednesday, saying Coinbase mistakenly approved tokens to the swapper contract — a permissionless tool not meant to hold token allowances. This opened the door for MEV…