Crypto 350
08/14 12:00
Coinbase Loses $300K in 0x Contract Error  Coin
Coinbase Loses $300K in 0x Contract Error
Coinbase lost $300,000 on August 13, 2025, due to a misconfigured token approval in a 0xProject swapper contract, leading to MEV bots draining its fee-receiving wallet.
This incident highlights the critical need for robust smart contract auditing in cryptocurrency operations, demonstrating potential vulnerabilities in decentralized exchanges like Coinbase.
0x Swapper Contract Error Costs Coinbase $300K
Coinbase experienced a $300,000 loss due to a misconfigured token approval in a 0xProject swapper contract. This allowed MEV bots to drain the fee-receiving wallet. No customer funds were impacted due to swift security actions.
Involved parties include Coinbase, 0xProject, and MEV bots, which exploited the misconfigured contract. "No customer funds were affected. The loss was isolated to a corporate DEX wallet. We immediately revoked allowances and migrated assets to a secure wallet," said Philip Martin, Coinbase's CSO.
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