Non-fungible token (NFT) marketplace Magic Eden has stated that it’ll reimburse all users who were tricked into buying counterfeit NFTs on its website due to an exploit, as mentioned by Cointelegraph.
According to Cointelegraph, the marketplace said that 25 fraudulent NFTs were sold across four collections in the past 24 hours, but is yet to receive confirmation whether additional NFTs were affected. Reportedly, two of the affected projects included Solana-oriented collections ABC and y00ts. It is believed that the NFT platform found a solution by temporarily disabling booth tools and removing “entry points” which permitted unverified NFTs to pass. It also asked users to perform a “hard refresh” to get confirmation that unverified listings are not appearing on their browser extension.
On the basis of information by Cointelegraph, on January 4, 2023, Magic Eden first raised the concern through citing community reports around people buying fake ABC NFTs, and that it added “verification layers” with the aim to sort the problem. Post the announcement, Twitter users continued to create awareness on fake y00ts NFTs pervading the platform.
Moreover, Cointelegraph noted that this is the second exploit which Magic Eden users have had to face this week. Previously, on January 3, 2023, the marketplace was spammed with pornographic images and images from television series The Big Bang Theory.
(With insights from Cointelegraph)
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