Cryptocurrency

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

Hull Invest

Magic Eden, the top Solana (SOL) NFT marketplace, has promised to refund users who mistakenly purchased unverified NFTs from its platform, according to information on January 4. statement.

Multiple users of the NFT Marketplace report Scammers disguised fake NFTs as part of popular collections such as y00ts and ABC and sold them for hundreds of dollars.

on-chain data shows that hackers earned around 540 SOL ($7,100) from exploits.

NFT Collection Confirms Exploit

This incident was confirmed by the creators of ABC NFTs HGE. Said Several high-value NFTs suffered the most from exploits.

Another NFT collection DeGods has its community Verification If NFT is part of your website collection before you buy.

magic eden reaction

In a statement on January 4th, Magic Eden responded that they had fixed the issue. According to Marketplace, users will need to hard refresh their browsers to view verified NFT collection items.

According to the platform, the exploit only affected 4 NFT collections where users purchased 25 NFTs. The report attributes the issue to UI issues caused by new features released to the Snappy Marketplace and Pro Trade tools. Magic Eden wrote:

“Unfortunately, bugs were deployed in updates to both of these features, and NFTs were not validated before being listed in these two tools.”

Magic Eden has promised to refund users who purchased the fake NFTs, adding that it is trying to determine if other collections have been affected.

Earlier in the week, pornographic and still images of Big Bang Theory appeared on the NFT Marketplace.At that time the platform was Said A third-party service provider that we use to cache images has been compromised.

Despite these recent challenges, Magic Eden remains the top Solana NFT marketplace. Dapp Radar data shows $4.56 million in trading volume over the last 24 hours, outperforming competitors such as OpenSea and Solanart.

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