Magic Eden’s EVM Marketplace NFTs Vulnerable to Exploit
- Magic Eden warned that NFTs listed on its now-closed EVM marketplace between February and October 2024 could be exposed to an exploit.
- Yuga Labs’ Vice President of Blockchain, 0xQuit, stated a whitehat operation rescued over $5.7 million worth of NFTs, but failed to recover approximately $660 in WETH.
- Users are advised to revoke the contract’s approvals on Ethereum, Polygon, and Base using Revoke.cash to prevent further exploitation.
- The exploit involved the theft of various high-profile NFTs including Meebits, Otherdeeds, World of Women NFTs, and Desperate ApeWives.
- Limit Break paused Payment Processor V3 due to similar flaws but was unable to pause V2.
Magic Eden’s closure of its EVM marketplace has left some users’ NFTs vulnerable due to lingering contract approvals that need revocation for security. The incident underscores ongoing vulnerabilities in NFT trading protocols and highlights the importance of maintaining updated security measures across platforms.
This event comes amid a challenging period for crypto users following another major hack involving over $380 million from the Bitget exchange, emphasizing the critical need for robust security practices in the crypto space. Source
