by: xpoolPosted on:

Coinbase Loses $300,000 Due to MEV Bot Exploit

Cryptocurrency exchange Coinbase suffered a significant loss of $300,000 due to an automated market maker (AMM) bot exploit. The incident stems from a mistake in Coinbase’s corporate wallet setup, which mistakenly authorized token transfers for a trading contract instead of a storage contract. This error allowed MEV bots to exploit the vulnerability and drain funds before Coinbase could stop them.

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