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Solana based NFT marketplace Magic Eden responds to the untoward incident that took place over the platform recently. Several users fell into trap and ended up purchasing fake non-fungible tokens (NFTs) over the marketplace. Magic Eden stated the issue has now been solved and also assured to “refund those affected.”
Magic Eden resolves the issue and refund to affected
As reported, the exploit of NFT marketplace surfaced following a bug in the “activity indexer” feature made available for its tools—Snappy Marketplace and Pro Trade. Taking advantage of the bug, the illicit actors made a way to breach NFT verification. This led to the “unverified” fake NFTs listed over Magic Eden’s platform along with the real ones.
In its tweet on 5th January 2023, Magic Eden informed that “unverified NFTs” were listed over the platform and were shown as they were part of marketplaces’ “verified collections.” By that time, about 25 such unverified NFTs from four distinct NFT collections were said to have been affected in the last 24 hours.
In addition, it stated to resolve the issue for now and also promised to refund users who fell to buy the fake NFTs.
ME chocks “Unverified NFTs” entry
Magic Eden explained in its “help article” that it “disabled entry points” restricting new unverified NFTs on the platform. It noted the tools, which acted as a potential reason to make the entry of fake NFTs possible, were disabled. As a precautionary action, it suggested to hard refresh the browsers page so that no unverified NFT listings would be shown up to them.
Due to the recent exploit, most high price Solana based NFT collections—ABC and y00ts—remained the most affected. Meanwhile creators of both the NFT collections, HGE and DeGods went on to Twitter and notified the community of the issue over the marketplace.
As an immediate precautionary action following the reports of the incident by the community, ME added a ‘verification layer’ in order to prohibit the fake NFT purchases.
Not the first time for NFT marketplacce
Although the year has just started, the platform has already met with another issue. Earlier it was reported that Magic Eden users were raising the issue that its website page was showcasing explicit content temporarily instead of NFT thumbnails.
The platform, however, acted swiftly and assured that it is safe, denying any possibility of potential hack. The instance was said to be the result of compromise with a third-party image hosting provider which resulted in littering of pornographic content. The issue was resolved by Magic Eden.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
