Coinbase lost about 300,000 USD in token fees after accidentally approving assets for a smart contracts of the 0x Project, creating an opportunity for an MEV bot (maximal extractable value) to drain this amount.
Security researcher Deebeez from Venn Network discovered an incident and posted on X on Wednesday, stating that Coinbase’s company wallet interacted with the “swapper” contract of 0x – a token swap tool that does not require permission to receive tokens. Since this contract can be called to perform arbitrary actions, granting permission may lead to immediate asset loss.
Images from Deebeez show that Coinbase has approved the tokens Amp, MyOneProtocol, DEXTools, and Swell Network. Shortly after, an MEV bot used a swapper contract to transfer these tokens from Coinbase’s fee receiving account.
Coinbase’s Chief Security Officer, Philip Martin, confirmed that this is a “isolated incident” due to a change in the company’s DEX wallet configuration, asserting that it does not affect customer funds and that approval rights have been revoked along with the transfer of funds to a new wallet.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
