3 months ago 1 min read

Users are Refunded by Magic Eden For Fake NFT Bug

solana-magic eden-nft

The Solana-based NFT marketplace Magic Eden has pledged to compensate any client who, as a result of a problem, was duped into purchasing fake NFTs on their website.

A weakness in the "activity indexer," which had just been made accessible for its Snappy Marketplace and Pro Trade products, the business claimed in a statement on January 4. This flaw essentially allowed fraudulent NFTs to bypass verification and be presented among legitimate NFT collections.

A problem that Magic Eden has now fixed caused unverified NFTs to seem to be confirmed. The team stated on January 5 that the impact was limited to 25 unconfirmed NFTs sold in four verified collections. It corrected the issue and issued refunds to the affected customers.

Two of the projects affected were the pricey and well-liked collections ABC and y00ts, both of which had their headquarters in Solana.

The NFT platform claimed that the issue has been fixed by momentarily deactivating both tools and deleting the "entry points" that allowed unconfirmed NFTs to flow through.

The crew is monitoring the situation to see if any further damage has been done in the last 24 hours. Browser force refresh requests were made to users. Unconfirmed NFTs are not currently available for purchase on Magic Eden.

This week has already seen two incidences involving Magic Eden users, with the most recent one using the most recent exploit. On January 3, numerous pornographic and Big Bang Theory-related images started to circulate online and emerge on the NFT marketplace.

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