The non-fungible token (NFT) marketplace Magic Eden has committed to provide a refund to any user who was tricked into purchasing a false NFT as a result of a “major vulnerability” on the site.
Because to the exploit, 25 fake NFTs from four different collections were sold, including the well-known Solana-based collections ABC and y00ts.
Magic Eden took action on January 4, 2023, after receiving allegations from users that they were presented unverified NFTs as part of verified collections. This questionable behavior was the subject of the reports. According to Magic Eden, its recently implemented “activity indexer” was unable to identify phony NFTs because of a fault that compromised the platform.
Because of the flaw, it was possible for phony NFTs to bypass the verification process and be displayed among legitimate collections. Users of the Magic Eden platform have reported seeing bizarre pictures on the site rather than NFTs. These images include sexual photographs and stills from the television series “The Big Bang Theory.”
On January 4, Magic Eden provided confirmation that the occurrence in question was an isolated user interface problem. According to the most recent information, the security compromise resulted in the sale of 25 counterfeit NFTs spread among four collections during the course of the previous day. The industry is now investigating whether or not there were any further NFTs that were impacted.
According to Magic Eden, they are now working on a solution to this problem in order to address it as quickly as they can. Magic Eden has blocked entrance points to remove any new unconfirmed NFTs and is currently actively monitoring the platform in order to avoid an incident of this kind from occurring. Users were also instructed to do a hard refresh of their browsers in order to eliminate the possibility of seeing unconfirmed listings.
The marketplace has verified that this problem has been temporarily fixed, however the team is continuing to work on adding further verification steps.
Compiled by Coinbold
