Tag: Magic Eden

  • Magic Eden Investigates Suspicious Zero-ETH NFT Transfers as Exploit Concerns Grow

    Magic Eden Investigates Suspicious Zero-ETH NFT Transfers as Exploit Concerns Grow

    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.

  • Magic Eden Investigates Mysterious Zero-ETH NFT Transfers: White-Hat Rescue Saves $5.7 Million

    Magic Eden Investigates Mysterious Zero-ETH NFT Transfers: White-Hat Rescue Saves $5.7 Million

    Magic Eden is investigating a series of unusual NFT transfers that saw thousands of assets change hands for zero ETH. While the activity initially sparked fears of a major hack, the truth turned out to be a coordinated white-hat rescue that saved over $5.7 million in digital assets.

    On September 25, a user known as Trader Cirrus detected the anomaly. One wallet was pulling thousands of NFTs from hundreds of different accounts, with each transfer recorded as a sale on Magic Eden at a price of zero. Cirrus immediately advised users to revoke their NFT approvals as a precaution.

    Researcher 0xQuit later clarified the situation. The transfers were not an attack but a rescue operation. A white-hat actor moved 3,832 NFTs from vulnerable wallets into a secure wallet before a malicious party could exploit them. The combined value of these NFTs exceeded $5.7 million.

    The root cause of the vulnerability was traced to Limit Break’s Payment Processor V2, which had been used on Magic Eden’s former EVM marketplace. Although Magic Eden shut down that payment system in October 2024 and closed the EVM marketplace earlier this year, many users had never revoked the old permissions, leaving their assets exposed.

    Magic Eden has confirmed that current listings on its platform are safe. However, anyone who used the marketplace between February and October 2024 is urged to check their wallet and revoke any old approvals on Ethereum, Polygon, and Base.

    This incident serves as a reminder that permissions can persist long after a service is discontinued, and it is essential for users to proactively manage their approvals to protect their assets.