Magic Eden to refund users who bought fake NFTs via its platform

Share This Post

Top Solana (SOL) NFT marketplace Magic Eden has promised to refund users who mistakenly bought unverified NFTs from its platform, according to a Jan. 4 statement.

Several users of the NFT marketplace reported that scammers passed off fake NFTs as part of popular collections like y00ts and ABC and sold them for hundreds of dollars.

On-chain data shows that the hacker made around 540 SOL ($7,100) from the exploit.

NFT collections confirm exploit

The incident was confirmed by the creator of the ABC NFTs HGE, who said several high-value NFTs suffered the most from the exploit.

Another NFT collection DeGods urged its community to verify if an NFT is part of its collection on its website before purchasing.

Magic Eden’s response

In its Jan. 4 statement, Magic Eden responded that it had fixed the problem. According to the marketplace, users must hard refresh their browsers to view verified NFT collection items.

The platform said the exploit affected only four NFT collections from which users bought 25 NFTs. The report attributed the problem to a UI issue caused by a new feature released to Snappy Marketplace and Pro Trade tools. Magic Eden wrote:

“Unfortunately, there was a bug deployed in an update to both of these features, where NFTs were not verified before being listed into these two tools.”

Magic Eden promised to refund users who bought the fake NFTs, adding that it is trying to determine if other collections were affected.

Earlier in the week, pornographic images and stills from Big Bang Theory popped up on the NFT marketplace. At the time, the platform said a third-party service provider it uses for cache images was compromised.

Despite these recent challenges, Magic Eden remains the top Solana NFT marketplace. DappRadar data shows that its trading volume in the last 24 hours was $4.56 million, ahead of other competitors like OpenSea and Solanart.

The post Magic Eden to refund users who bought fake NFTs via its platform appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Proposal Filed With SEC to Transition Bitwise Crypto Fund to Exchange-Traded Product

Bitwise Asset Management has taken a bold step forward by filing to list its Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP) on NYSE Arca This move sets the stage for what

9 Crypto Predictions For 2025: Nansen CEO Predicts Biggest Bull Run Ever

In a thread on X, Alex Svanevik, CEO of leading on-chain analytics platform Nansen, unveiled nine bold predictions for the crypto industry in 2025 Svanevik forecasts that the upcoming year will

Chinese data miner SOS’ stock surges 100% after board approves $50 million Bitcoin investment

SOS Limited, a Chinese data mining and technology company, announced on Nov 27 that its board has approved a $50 million investment in Bitcoin (BTC) to diversify its assets and capitalize on the

Stocktwits and Spot.dog Partner to Simplify Solana Meme Coin Purchases

Solana has become a hub for meme coins and the addition of convenient payment options by Stocktwits could accelerate their adoption Buying Solana Meme Coins Just Got Easier Stocktwits, a social

First Dogecoin ETP Has Just Been Launched, Can DOGE Price Rally 100% In Response

The first-ever Dogecoin Exchange Traded Product (ETP) has been officially launched, sparking excitement for a possible DOGE price rally Combined with several other bullish factors which have fueled

Breakout Alert! Ethereum (ETH) Price Prediction For November 28

The post Breakout Alert! Ethereum (ETH) Price Prediction For November 28 appeared first on Coinpedia Fintech News Ethereum (ETH), the world’s second-largest cryptocurrency by market cap has