Magic Eden is investigating unusual activity involving thousands of Ethereum-based NFTs that reportedly changed hands for 0 ETH, prompting concerns about a possible contract exploit. A pseudonymous account involved in the transactions claims the movement was part of a white-hat operation, but Magic Eden has not confirmed that assertion.
NFT Transfers Raise Exploit Concerns
NFT trader Cirrus flagged the issue on September 25, reporting NFT sales originating from Magic Eden and suggesting the marketplace’s contract may have been exploited. The flagged activity involved several thousand NFTs sold for zero ETH, with attention drawn to a wallet allegedly connected to the transfers.
At the time of reporting, Magic Eden had not released a statement confirming an exploit. Details such as the number of wallets involved, the potential vulnerability, and the total value of the moved NFTs remained undisclosed.
Pseudonymous Account Claims White-Hat Operation
After Cirrus raised the alert, an X account using the pseudonym Quit claimed the transactions were part of a white-hat mission. According to Quit, assets held at wallet address 0x71cf3f5724bD2B72Ef6464992aCd26216DE7fe33 were safe and would be returned once no longer considered at risk.
Magic Eden has not verified the wallet’s connection to a legitimate white-hat effort or confirmed whether the transactions were part of an organized recovery operation.
Magic Eden Had Ended EVM Marketplace Support
The reported Ethereum NFT activity follows the company’s earlier shift away from its EVM marketplace. According to Magic Eden’s documentation, support for the EVM marketplace ended on March 9, 2026. Listings, bids, and offers on that marketplace were moved off-chain and became inaccessible after the shutdown.
Magic Eden continues to support Solana-based NFT trading. Its products also include Packs, which can contain NFTs from Ethereum collections; NFTs revealed through Packs can be traded on the marketplace.
Magic Eden has not disclosed how the September 25 activity affected its services or contracts associated with the former EVM marketplace.
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