Security researchers say Coinbase lost about $300,000 in cumulative token fees due to a misconfigured interaction with Project 0x's exchange contract. X user Deeberiroz, a security researcher at Venn Network, reported on Wednesday that Coinbase interacted with a "switch" smart contract on decentralized peer-to-peer exchange 0x that was not intended for token licensing.
The "exchanger" provided by Project 0x is a contract for performing exchange operations. The contract does not require permission, and anyone can call it to perform any operation without ownership restrictions. But it is not designed to receive token authorization, as doing so could put funds at risk.
The researcher said that this setup has previously raised known issues related to Zora's claims for airdrops on the Base Layer 2 network.
Coinbase loses about $300,000 on "exchange" contract interaction with Project 0x
2025-08-14 04:16:35
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