Coinbase disclosed a $300,000 loss due to an error in its corporate decentralized exchange (DEX) wallet’s token approval process. This vulnerability was exploited by malicious actors exploiting the MEV (Maximally Extractable Value) bot activity on Ethereum. Notably, the incident did not affect customer funds. 5 Coinbase addressed the issue by revoking faulty smart contract permissions and migrating remaining assets to a secure wallet. Philip Martin, Chief Security Officer of Coinbase, confirmed these actions and highlighted the continued importance of robust security protocols even for major crypto companies. 5. The company’s commitment to operational security reinforces the ongoing need for robust measures against MEV bot attacks in DeFi.