Coinbase Loses $300K After 0x Contract Error Enables MEV Bot Drain

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…