a security researcher stated that Coinbase lost approximately $300,000 in accumulated token fees due to a configuration error in the interaction with the 0x project's exchange contract.

X platform user "deeberiroz" (a security researcher at Venn Network) reported on Wednesday that Coinbase interacted with an "exchange" smart contract of the decentralized peer-to-peer exchange 0x, which was not originally intended for token authorization.

The "exchange" provided by the 0x project is a contract used to execute exchange operations. This contract does not require permission, anyone can call it to perform any operation, and is not subject to any restrictions. However, it is not designed for receiving token authorizations, as doing so may expose funds to risks.

The researcher stated that this type of configuration has previously caused known issues, involving Zora's airdrop claims on the Base Layer 2 network.