Magic Eden Takes Action to Refund Users Affected by Fake NFTs Exploit

• Magic Eden, an NFT marketplace, has pledged to refund users who were sold fake NFTs in a massive exploit.
• The exploit affected popular collections such as ABC and y00ts and involved the sale of unverified NFTs.
• The team has identified 25 unverified NFTs sold across 4 collections and is currently checking if any additional NFTs were affected.

An NFT Marketplace, Magic Eden, is taking steps to ensure the safety of its users. Following an exploit that saw the sale of fake NFTs, the platform is pledging to refund users who were affected.

The incident, which was discovered on the morning of January 4 (PT time), affected some of the marketplace’s most popular collections including ABC and y00ts. The exploit involved the sale of unverified NFTs, which were passed off as part of verified collections. The creator of ABC, HGE, described the issue as “a massive exploit”, affecting high-value NFTs and called for the site to be paused.

The team from Magic Eden have since identified that the exploit was contained to 25 unverified NFTs sold across 4 collections. These unverified NFTs were visible on the collection pages and transactions of these NFTs were visible in the activity tabs of the collections.

The team is working to ensure the issue is fully resolved. They are currently checking if any additional NFTs were affected and they are taking steps to refund all users who mistakenly bought unverified NFTs. They are also working to prevent similar incidents from occurring in the future.

To ensure the safety of its users, Magic Eden is urging everyone to properly verify the authenticity of any NFTs before purchasing them. They are also encouraging users to report any suspicious activity they may find on the platform.

The team wants to reassure the community that the platform is safe for trading and that they are taking the necessary steps to protect their users. They are continuing to monitor the situation and will update the community with any new information.