Rekt - Drained By Design

Coinbase's fee wallet lost about $550,000 on August 13 after granting ERC-20 approvals to 0xProject's permissionless Settler contract, which 0x's documentation warns against. Blockscope's forensic analysis tracked the extraction of $550K across roughly 168 ERC-20 tokens, which a bot converted into ETH. Coinbase CSO Philip Martin said the incident was isolated, that customer funds were untouched, and that the team was revoking allowances and moving to a new wallet.