Facebook Twitter Instagram
    • About
    • Contact
    • Disclaimer
    • Privacy Policy
    • Terms and Conditions
    Facebook Twitter Instagram LinkedIn
    Coin CentrallyCoin Centrally
    • Home
    • News
    • Markets
    • Reviews
    • Learn
    Subscribe
    Coin CentrallyCoin Centrally
    Home»News»NFTs»Magic Eden To Issue Refunds Following Exploit That Leads to Sale of Fake NFTs
    NFTs

    Magic Eden To Issue Refunds Following Exploit That Leads to Sale of Fake NFTs

    Puneet SinghalBy Puneet SinghalJanuary 5, 20233 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Magic Eden Refund Users Fake NFTs
    Share
    Facebook Twitter LinkedIn Pinterest Email

    A “massive exploit” on the Magic Eden marketplace led to the sale of over two dozen fake NFTs over the course of 24 hours.

    In response to the exploit that led users to purchase fake nonfungible tokens on the Magic Eden website, the marketplace has pledged to refund all users who bought fake NFTs.

    A bug in Snappy’s newly implemented “activity indexer” allowed fake NFTs to be listed alongside genuine ones on its Snappy Marketplace and Pro Trade tools, according to a Jan. 4 statement. 

    The exploit resulted in 25 fraudulent NFT sales across four collections in the last 24 hours, but Magic Eden is still checking whether any more NFTs were affected.

    There were two of the affected projects, ABC and y00ts, that were highly priced and popular Solana-based collections.

    Do not buy these @y00tsNFT on @MagicEden, they are fake!

    Basically, every single collection is fake on Magiceden, a massive exploit is happening ongoing.

    High-value NFTs are suffering the most, as attackers choose to exploit higher-value NFTs first. pic.twitter.com/35RYHOKVxd

    — HGE.SOL 🔤🧙‍♂️ (@HGESOL) January 4, 2023

    According to the NFT platform, the issue was resolved by temporarily disabling both tools and eliminating the “entry points” where unverified NFTs could enter.

    To prevent unverified NFTs from appearing in users’ browser sessions, it asked them to perform a “hard refresh” of their browser and shut down the purchase of unverified NFTs.

    The message said that Magic Eden is a safe place to trade NFTs and that any users who mistakenly bought unverified NFTs would be refunded.

    Earlier today, unverified NFTs were being shown as part of verified collections on ME. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections.

    We've resolved the issue and will refund those affected. Now, no one can buy unverified NFTs on ME.

    — Magic Eden 🪄 (@MagicEden) January 4, 2023

    On Jan. 4, Magic Eden first alerted the community to the fraudulent NFTs, citing reports of people buying fake ABC NFTs. They attempted to resolve the issue by adding “verification layers” at the time.

    In the wake of the announcement, Twitter users continued to warn of fake y00ts NFTs on the platform. Based on a screenshot taken from ABC creator “HGE,” two sales were worth 100 Solana each, or around $2,000.

    DeGods, who created y00ts, also tweeted to its followers that Magic Eden had an exploit that allowed unverified NFTs to appear in the collection.

    There is currently an exploit on Magic Eden allowing for unverified NFT’s to be listed as part of the collection

    You can verify if an NFT is part of the collection on our explore page linked below

    If it’s not in our explorer, it’s not our NFThttps://t.co/c4HKIJJD1n

    — DeGods III (@DeGodsNFT) January 4, 2023

    Magic Eden users have been exposed to two incidents in one week with this latest exploit.

    On Jan. 3, pornographic images and images from the television series The Big Bang Theory littered the marketplace.

    The company says a third-party image hosting provider was “compromised,” which resulted in the “unsavory images” and assures users their NFTs are safe.

    While Magic Eden has faced some challenges recently, it remains the top Solana NFT marketplace. Data from DappRadar shows that its trading volume in the last 24 hours was $4.6 million, which is higher than OpenSea and Solanart.

    Frauds Hacks Magic Eden NFT Marketplace NFTs Scams Solana NFTs
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleMumbai Indians Turn To NFT Technology To Enhance Fan Engagement
    Next Article What is an NFT? Beginners Guide To Non-Fungible Tokens [2023]

    Related Posts

    NFTs

    What Is An NFT Floor Price? Everything You Should Know

    March 24, 2023
    NFTs

    What Is An NFT Airdrop & How Does It Work? [2023 Guide]

    March 23, 2023
    NFTs

    Salesforce Joins NFT Craze With A Suite Of Web3 Offerings

    March 16, 2023
    Latest Posts

    What Is An NFT Floor Price? Everything You Should Know

    March 24, 2023

    What Is An NFT Airdrop & How Does It Work? [2023 Guide]

    March 23, 2023

    How To Burn An NFT In 4 Simple Steps: A Beginner’s Guide

    March 15, 2023

    What Are PFP NFTs? Profile Picture NFTs Explained [2023]

    March 14, 2023

    What Are Blue Chip NFTs & How To Find Them? [2023 Guide]

    March 10, 2023
    • About
    • Contact
    • Disclaimer
    • Privacy Policy
    • Terms and Conditions
    Facebook Twitter Instagram LinkedIn
    © 2023 Coin Centrally

    Type above and press Enter to search. Press Esc to cancel.