Coinbase Suffers $300,000 Loss from MEV Bot Exploit

Crypto exchange Coinbase experienced a significant loss of $300,000 due to a vulnerability exploited by MEV (Miner Extractable Value) bots. The incident involved an error in the 0x protocol’s swapper contract and affected Coinbase’s corporate treasury, but did not impact customer funds. Coinbase’s Chief Security Officer confirmed that the configuration mistake did not compromise user accounts or assets. They swiftly took measures to mitigate the situation by revoking token allowances and transferring funds to secure wallets.