Coinbase Suffers $300,000 Loss Due to Automated Trading Bot Exploit

Cryptocurrency exchange Coinbase confirmed a loss of approximately $300,000 after automated trading bots exploited a configuration error in its corporate wallet interacting with the 0x decentralized exchange protocol. The incident occurred when Coinbase mistakenly granted spending permission to the 0x swapper contract, which allowed malicious MEV (maximal extractable value) bots to drain funds immediately upon detecting the approval.