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BackWhitehat Rescues 3,832 NFTs Amid Magic Eden Vulnerability Concerns
Whitehat Rescues 3,832 NFTs Amid Magic Eden Vulnerability Concerns
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Cointelegraph1 hour agoTech1 min read

Whitehat Rescues 3,832 NFTs Amid Magic Eden Vulnerability Concerns

A whitehat operation moved thousands of NFTs from hundreds of wallets following concerns over a Magic Eden vulnerability.

nftmagic edenyuga labs

Quick Look

  • A whitehat moved 3,832 NFTs from hundreds of wallets amid vulnerability concerns regarding NFT marketplace Magic Eden.
  • Yuga Labs executives confirmed the rescue operation, while Magic Eden has not publicly confirmed an exploit.

AI-generated summary

Why It Matters

A vulnerability involving NFT marketplace Magic Eden prompted concern, leading to a whitehat operation to secure funds.

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A whitehat moved 3,832 non-fungible tokens from hundreds of wallets on Friday amid concerns about a vulnerability involving NFT marketplace Magic Eden.

NFT community member who goes by Cirrus on X flagged the activity on Friday, saying a single wallet moved 3,832 NFTs from hundreds of wallets. Cirrus said the transactions appeared as sales through Magic Eden and advised NFT holders to revoke permissions as a precaution.

Shortly afterward, Yuga Labs’ pseudonymous vice president of blockchain, 0xQuit, said the transfers were part of a white-hat operation. He said the NFTs held in the receiving wallet are safe and “will be returned once they are no longer at risk.”

The Yuga Labs executive has previously been involved in similar NFT rescue efforts. In June, 0xQuit helped recover 68 NFTs worth more than $500,000 after an exploit hit Flooring Protocol, with the assets later held for return to affected users.

Yuga Labs CEO Michael Figge said a vulnerability was discovered a few hours earlier and that the company would share more information soon.

Magic Eden has not publicly confirmed that its contracts were exploited.

Cointelegraph contacted Magic Eden for comment, but had not received a response by publication.

What to Watch

AI outlook — possibilities, not facts

  • Yuga Labs will share more information soon regarding the vulnerability.

    Very likely · Within days

Open Questions

  • What was the specific vulnerability in Magic Eden?
  • When will Magic Eden officially confirm the incident?
  • When will the rescued NFTs be returned to users?

Related Topics

nft
PeopleCirrus0xQuitMichael Figge
OrganizationsMagic EdenYuga LabsFlooring ProtocolCointelegraph
Topicsmagic edenyuga labswhitehatcrypto securityvulnerability
This article was originally published by Cointelegraph.

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