Magic Eden Refunds Users For Fake NFT Bug

Key Points:

• Magic Eden has resolved a problem whereby unverified NFTs would show up in verified collections. Due to a UI flaw, the hack was possible.
• The impact was limited to 25 unconfirmed NFTs sold in four verified collections, the team tweeted on January 5. It fixed the problem and gave impacted users a refund.
• The crew is keeping an eye on the situation to determine if any additional harm has occurred in the previous 24 hours. Users were prompted to force-refresh their browsers. Currently, no one is able to purchase unconfirmed NFTs on Magic Eden.

Magic Eden, a Solana-based NFT marketplace, has promised to reimburse any customer who was tricked into buying fraudulent NFTs on its website as a result of an issue.

The company said in a statement on January 4 that a flaw in the “activity indexer,” which had just been made available for its Snappy Marketplace and Pro Trade tools, effectively allowed fraudulent NFTs to avoid verification and be displayed among real NFT collections.

Unverified NFTs would appear as confirmed due to an issue that Magic Eden has now resolved. The impact was limited to 25 unconfirmed NFTs sold in four verified collections, the team tweeted on January 5. It fixed the problem and gave impacted users a refund.

The costly and well-liked collections ABC and y00ts, both headquartered in Solana, were two of the projects that were impacted.

The NFT platform said that by temporarily deactivating both tools and removing the “entry points” that permitted unconfirmed NFTs to pass through, the problem had been resolved.

The crew is keeping an eye on the situation to determine if any additional harm has occurred in the previous 24 hours. Users were prompted to force-refresh their browsers. Currently, no one is able to purchase unconfirmed NFTs on Magic Eden.

Users of Magic Eden have already had two incidents this week, the most recent one being the most recent exploit. On January 3, there were a ton of pornographic and Big Bang Theory-related photographs all over the internet appearing on the NFT marketplace.

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