Deep Tide TechFlow News, on August 14, according to The Block, Venn Network security researcher deeberiroz disclosed that Coinbase lost approximately $300,000 in token fees due to a configuration error with the swapper contract of the decentralized trading protocol 0x, which was exploited by MEV bots. The contract was originally intended for executing trades and was not suitable for receiving token authorizations. After mistakenly granting authorization to it, the bot called the contract and transferred tokens from Coinbase's fee account.
Coinbase Chief Security Officer Philip Martin confirmed the incident, stating that the issue stemmed from adjustments to the enterprise DEX wallet, which did not affect customer funds. The team has revoked the authorization and transferred the funds to a new enterprise wallet.
