Coinbase Loses $300K to MEV Bots
The post Coinbase Loses $300K to MEV Bots appeared first on Coinpedia Fintech News
Coinbase lost about $300,000 after mistakenly approving token transfers to the 0x Project’s swapper contract, which allowed MEV bots to quickly exploit the corporate wallet. Coinbase’s Chief Security Officer confirmed that customer funds were not affected. The company swiftly revoked token permissions and moved remaining assets to a new secure corporate wallet to prevent further losses. This incident highlights the risks of smart contract misconfigurations and the fast-acting nature of MEV bots in the crypto space.
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Coinbase Loses $300K to MEV Bots
The post Coinbase Loses $300K to MEV Bots appeared first on Coinpedia Fintech News
Coinbase lost about $300,000 after mistakenly approving token transfers to the 0x Project’s swapper contract, which allowed MEV bots to quickly exploit the corporate wallet. Coinbase’s Chief Security Officer confirmed that customer funds were not affected. The company swiftly revoked token permissions and moved remaining assets to a new secure corporate wallet to prevent further losses. This incident highlights the risks of smart contract misconfigurations and the fast-acting nature of MEV bots in the crypto space.
Read More
Turkey’s BtcTurk Suffers $48M Theft in Exchange Hack