Magic Eden NFT Transfer Mystery Unraveled: White-Hat Rescue or Hacking Attempt?

Thousands of NFTs were moved from various wallets to a safe account on Magic Eden's platform without any payment, sparking concerns about a potential hack. Trader Cirrus first spotted the issue on September 25 and warned users to revoke their NFT approvals immediately.

A researcher named 0xQuit soon explained that the transfers were actually a white-hat rescue operation, where a friendly party saved 3,832 NFTs worth over $5.7 million from falling into the wrong hands.

The affected NFTs came from wallets with old, unused approvals tied to Magic Eden's former EVM marketplace, which had been shut down in October 2024 and closed its EVM marketplace earlier this year.

Experts recommend that users check their wallet for any old permissions on Ethereum, Polygon, and Base and revoke them immediately.