Magic Eden Probes Possible NFT Contract Exploit

Magic Eden is investigating unusual activity involving several thousand Ethereum-based NFTs that reportedly moved for 0 ETH, raising concerns about a possible contract exploit. The incident was first flagged by NFT trader Cirrus on September 25, who suggested that the marketplace's contract could have been exploited.

The transactions involved several thousand NFTs being traded for 0 ETH, with Cirrus pointing to a wallet that was reportedly involved in moving the assets. Magic Eden had not issued a statement confirming an exploit at the time of reporting, leaving the nature and scale of the incident unclear.

A pseudonymous account using the name Quit claimed that the transactions were part of a white-hat mission, stating that assets held at wallet address 0x71cf3f5724bD2B72Ef6464992aCd26216DE7fe33 were secure and would be returned once they were no longer considered at risk.

However, Magic Eden has not verified whether the wallet is linked to a legitimate white-hat operation or whether the transactions formed part of an organized recovery effort. The incident comes months after Magic Eden changed its marketplace operations, ending support for its EVM marketplace on March 9, 2026.