Magic Eden Hit by Possible Contract Exploit Amid Thousands of 0 ETH NFT Transfers
Magic Eden, a popular NFT marketplace, has been hit by reports of a possible contract exploit after thousands of NFTs were sold for 0 ETH.
NFT trader Cirrus first flagged the activity on September 25, warning users to revoke their approvals and citing concerns that the marketplace's contract may have been exploited. At the time, Cirrus noted that the transactions could potentially be linked to a whitehat operation.
Pseudonymous user Quit later claimed that the transfers were indeed part of a whitehat operation, stating that assets held at a specific wallet address would be returned once they were no longer considered at risk. However, Magic Eden has yet to confirm whether an exploit occurred or disclose how many NFTs and wallets may have been affected.
The unusual activity comes months after Magic Eden ended support for its EVM marketplace, citing that listings, bids, and offers would stop being visible or actionable after the shutdown. The platform continues to support its Solana marketplace, while its current products include Packs, which can contain NFTs from Ethereum collections.