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Coinbase lost about $300,000 in token fees after mistakenly approving assets to a 0x Project smart contract, allowing a maximal extractable value (MEV) bot to drain the funds.
Deebeez, a security researcher at Venn Network, flagged the incident in a Wednesday post on X. He said Coinbase’s corporate wallet interacted with 0x’s “swapper” contract, a permissionless tool designed to execute swaps but not to receive token approvals.
Since anyone can call the contract to perform arbitrary actions, granting approvals can expose assets to immediate…
