Magic Eden Whitehat Operation Moves 3,832 NFTs to Safety
The transfers followed concerns about a vulnerability involving the NFT marketplace. Holders were urged to revoke NFT permissions as a precaution.
A whitehat operation moved 3,832 non-fungible tokens from hundreds of wallets on Friday after concerns about a vulnerability involving NFT marketplace Magic Eden, prompting holders to revoke permissions.
NFT community member Cirrus flagged the activity after a single wallet transferred the NFTs from hundreds of addresses. The transactions appeared as sales through Magic Eden, and Cirrus urged holders to revoke NFT permissions as a precaution.
Yuga Labs’ pseudonymous vice president of blockchain, 0xQuit, said the transfers were part of a whitehat operation. The NFTs in the receiving wallet are safe and “will be returned once they are no longer at risk.”
Magic Eden has not publicly confirmed that its contracts were exploited. In June, 0xQuit helped recover 68 NFTs worth more than $500,000 after an exploit involving Flooring Protocol, with the assets held for return to affected users.
