Magic Eden 'Rescue' Transfer Moves 3,832 NFTs from Hundreds of Wallets

A potential vulnerability affecting Magic Eden's listings led to a large-scale 'rescue' transfer on Friday, where 3,832 NFTs were moved from hundreds of wallets.

The transfers were characterized by community member Cirrus as resembling coordinated trades executed through Magic Eden. Cirrus recommended that holders revoke token permissions/approvals to reduce exposure in case the underlying issue still allowed unauthorized movement.

Yuga Labs' pseudonymous vice president of blockchain, 0xQuit, confirmed that the transfers were part of a white-hat operation and assured that the NFTs held in the receiving wallet are safe and would be returned once they are no longer at risk. The company had previously worked with Yuga Labs on NFT recovery efforts.

Magic Eden linked the exploit to Limit Break's Payment Processor V2, which it stopped using as part of its integration timeline in October 2024. The marketplace warned that NFTs listed on its EVM marketplace from February to October 2024 could be exposed and advised former users to revoke approvals for the relevant contract on Ethereum, Polygon, and Base.