Magic Eden NFT Exploit Raises Concerns Over NFT Approvals
- Thousands of NFTs moved during suspicious Magic Eden contract activity.
- Users were advised to revoke old NFT marketplace approvals.
- A whitehat operation claimed responsibility for asset protection efforts.
The Magic Eden NFT exploit triggered security concerns after thousands of NFTs moved from multiple wallets on September 25. NFT trader Cirrus first identified transactions involving assets linked to Magic Eden activity. The marketplace had not initially confirmed whether an exploit occurred or the total number of affected wallets.
Magic Eden NFT Exploit Raises Wallet Approval Concerns
The Magic Eden NFT exploit involved a wallet that moved thousands of NFTs from different holders. Cirrus warned users who had previously interacted with Magic Eden contracts to remove approvals from their wallets.
The activity included NFTs being sold to the same wallet for zero ETH, creating uncertainty around the transactions. Cirrus suggested the activity could involve a whitehat actor attempting to secure vulnerable assets.
Magic Eden NFT Exploit Linked to Legacy Marketplace Contracts
Magic Eden later said legacy approvals from its former EVM marketplace exposed NFTs valued above $5.7 million. The company said no active Magic Eden listings were affected. The vulnerability involved Limit Break’s Payment Processor V2, which Magic Eden stopped using in 2024.
The affected assets included Meebits, Otherdeeds, World of Women NFTs, and Desperate ApeWives. Yuga Labs executive 0xQuit said a whitehat operation recovered 23,155 NFTs worth more than $5.7 million.
However, 660 WETH remained exposed and was not recovered during the operation. Magic Eden advised users to revoke Payment Processor V2 approvals across Ethereum, Polygon, and Base networks.
The Magic Eden NFT exploit highlights the risks linked to outdated wallet permissions. Users can reclaim rescued NFTs after removing vulnerable approvals, according to the marketplace update.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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