NFT Rescue Operation Foils Potential Hack at Magic Eden

Magic Eden is investigating a series of mysterious NFT transfers that saw thousands of digital assets change hands for zero Ethereum (ETH). The incident, which was first spotted by trader Cirrus on September 25, raised concerns about a potential hack.

However, researcher 0xQuit soon offered an alternative explanation: the transfers were actually a white-hat rescue. A friendly party had moved 3,832 NFTs into a safe wallet before a bad actor could grab them first. The total value of the NFTs was over $5.7 million.

The NFTs in question came from wallets that still had old approvals tied to Magic Eden's former EVM marketplace. The issue affected users who listed their NFTs between February and October 2024, a period when Limit Break's Payment Processor V2 was used.