If you suspect this to be the case, we recommend that you reach out to the creators and have them check for you whether your NFT is an authorized part of the collection. But you, lucky person, have staked your PLD and now hold this IOU as evidence. Exploit in Magic Eden Leads to Unauthorized Sale of 25 NFTs. There is currently an exploit on Magic Eden allowing for unverified NFTs to be listed as part of the collection, You can verify if an NFT is part of the collection on our explore page linked below, If its not in our explorer, its not our NFThttps://t.co/c4HKIJJD1n, DeGods III (@DeGodsNFT) January 4, 2023. The project released a loyalty rewards program called Magic Eden Rewards. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections.We've resolved the issue and will refund those affected. 715SolanaNFTMagic EdenEden GamesLaunchpad35NFTEden GamesDeFi PiratesEverseedSkateX Magic EdenWeb3 Magic Eden stated that the fake NFTs were caused by a third-party image hosting provider and assured users that their NFTs were safe. But this resolution only worked for a few users and on select browsers. This free-to-play action multiplayer game is available on mobile devices. On Jan. 3, several users of Magic Eden observed that clicking on a collections page brought up a pornographic image rather than the typical NFT thumbnail. ME has also refunded the investments to those affected. 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. Magic Eden NFT . Press Esc to cancel. NFT Plazas 2023. The UI bug led to 25 unverified NFTs sold in four verified collections. Read on to learn about this quick fix! var absrc = 'https://servedbyadbutler.com/adserve/;ID=177750;size=0x0;setID=588602;type=js;sw='+screen.width+';sh='+screen.height+';spr='+window.devicePixelRatio+';kw='+abkw+';pid='+pid588602+';place='+(plc588602++)+';rnd='+rnd+';click=CLICK_MACRO_PLACEHOLDER'; What financial advisors need to know about crypto. The platform has since resolved the issue and states that no one will be able to buy unverified NFTs anymore. Non-fungible token ( NFT) marketplace Magic Eden is launching a series of free mints of Web3 games during March. The biggest crypto news and ideas of the day. Discover the best and latest NFT collections today. Understanding why certain items are not tradeable on ME. Updated over a week ago Why was my NFT auto-delisted /offer cancelled by ME? We've added more verification layers per collection to resolve the issue. Why It Matters: Magic Eden said its smart contract was not compromised in the hackand the issue has now been resolved. While the overallNFT market saw some high-profile sales digital artwork by Beeple sold for $69 million and a tweet by Twitter co-founderJack Dorseysold for $2.9 million it hadalso attracted fraudsters and hackers. AAVEs daily active user count surprises investors, but can it empower price? Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans! Captain Tsubasa NFT Sale Starts Tomorrow! Can Bitcoin [BTC] defy the infamous March Chronicle in 2023? These individuals noted that attackers were intentionally going after high-value NFTs. Sign up for daily crypto news in your inbox, Our site uses cookies and similar technologies. What is Magic Eden. To ensure that platforms users are safe, Magic Eden confirmed that their smart contract is still secure and emphasized that the problem was in the tools, not the contract. The co-founder of Magic Eden, Jack Lu shared that the assets will be minted on 11th March, while Overtime CEO, Dan Porter cited the "the value of accessing a finals NBA" [as] near USD$1000", a . BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. Usually its because the trader bought the NFT directly from an untrusted source or marketplace that allowed the trade to occur. The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. This initiative rewards users with Magic Points based on the secondary trading transactions on the platform. Perks include discounts, NFT giveaways, and exclusive content. Scammers managed to breach the platform after the update and listed these fake NFTs alongside genuine ones on the platform. Just hours after blaming a third party for displaying pornographic photos on their website, Solanas NFT platform Magic Eden addresses the issue of selling unverified NFTs. Holding 1 Be0nb0g Friends NFT grants you more than a JPEG, BBF will be able to be a part of an amazing . The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. pic.twitter.com/35RYHOKVxd. Go to Magic Eden. Home to the next generation of digital creators on Solana. It assured investors by acknowledging that it had added verification layers in an attempt to resolve the issue. All investment/financial opinions expressed by NFTevening.com are not recommendations. Furthermore, the Pro Trade tools are an exclusive toolkit for some collections on the platform. The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. Here's a little snippet from their lore: {The AstroSphere Games.} The latest moves in crypto markets, in context. The team also adds that they are continuously monitoring the situation to ensure this issue does not occur again. Magic Eden aims to be your destination for discovery, expression, and ownership across digital cultures. Meanwhile, Magic Eden said in a Thursday morning update that it would refund affected users. The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. Solana-based NFT marketplace Magic Eden has fixed a bug where unverified NFTs would show up as verified. The high-priced and popular Solana [SOL]-based collections, ABC and y00ts, were two other affected projects. Last month Magic Eden was embroiled in controversy for selling unverified NFTs on its platform. Pros & Cons Revealed. Magic Eden, however, assures that the company is secure for traders. However, the team is currently confirming whether additional. Magic Eden - NFT Marketplace Volume 24h: 65,227 SOL Volume total: 54,822,797 SOL Blog TikTok Discord Youtube Instagram The Remnants The Remnants is a player driven economy based game built on Solana and set in the post-apocalypse Metaverse. The team also adds that they are continuously monitoring the situation to ensure this issue does not occur again. Optimism [OP]: Social hype reaches new heights: Is a cool-off looming? In the last day, impact was contained to 25 unverified NFTs sold in 4 collections. The NFT in question is not part of the collection: Sometimes if an NFT shows as Unverified, its possible that it may be a fake. As a result, users are at risk of purchasing counterfeit NFTs. The bug is also the second challenge Magic Eden has faced this week. Be0nb0g Friends (BBF) is a community driven project containing Be0nb0g like characters, randomly generated as NFTs, on the Solana Blockchain. Magic Eden stated on Twitter that they have "added more verification layers per collection to resolve the issue," but the exploit still remained active. ME reported that their Snappy Marketplace and pro-trade apps had issues with their user interfaces when the firm published a new feature. Subscribe - We publish new crypto explainer videos every week! Now, no one can buy unverified NFTs on ME. On 4 January 2023, the company addressed an issue and released an update. *All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. The NFT had a limited supply, and its ownership became a badge of honor for the most dedicated players. The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. The company is currently working to determine if any more NFTs beyond the most recent day were impacted. Basically, every single collection is fake on Magiceden, a massive exploit is happening ongoing.High-value NFTs are suffering the most, as attackers choose to exploit higher-value NFTs first. These cookies will be stored in your browser only with your consent. A Polygon Launchpad gaming project called Shatterpoint also launched on the platform recently. "Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue." Magic Eden also communicated with the users about the issue via their social media accounts. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. The team is refunding the affected users. This new hashlist should include your NFT, and once it is processed, your NFT will appear as a verified piece of the collection. an NFT royalty enforcement tool - Open Creator Protocol. document.write(''); NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. The Solana-based NFT marketplace Magic Eden closes a business deal with 11 gaming platforms to stimulate the growth of Web3 projects. How does this work? In addition, for some collections on Magic Eden, users have access to Edens Pro Trade feature, where they can see recently listed and sold products in real-time, along with different information to assist them in making selections. Non-fungible token (NFT) marketplace Magic Eden on Wednesday said an unresolved issue has allowed fake NFTs to be listed and sold as part of real collections. Type above and press Enter to search. Earlier today, unverified NFTs were being shown as part of verified collections on ME. But usage on the platform has so far lagged behind the hype, with Solana NFT sales on OpenSea being around 9% of Magic Eden's since launch, according to data from Magic Eden. Magic Eden stated that they took immediate action by disabling the entry points that discard the new and unverified NFTs. As always, make your own research prior to making any kind of investment. Despite this hiccup, Magic Eden has been releasing new features and undergoing developments. Furthermore, the Pro Trade tools are an exclusive toolkit for some collections on the platform. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. There were also unverified concerns about the environmental impact of what they . Solana. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. Your email address will not be published. Magic Eden (@MagicEden) January 4, 2023. Blur overtakes OpenSea in six months, more gains ahead? "Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue," it wrote. Magic Eden, the largest Solana-based NFT marketplace was repeatedly bombarded with user reports due to sales of unverified NFTs from verified collections on the platform, according to the official statement by Magic Eden. She has a degree in Corporate Communications. Magic Eden has become the latest victim of an exploit, leading to the listing and sale of fake NFTs via the platform. Magic Eden, which also supports . Open Sea. NFTevening is the biggest website for NFT news. Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month, The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable. Non-fungible token ( NFT) marketplace Magic Eden said that it would refund all users affected by an exploit that involved the sale of fake NFTs that were passed off as being part of verified collections. What Did The Magic Eden NFT Marketplace Refund Users? BitDegree.org - An Independent Initiative of The Best Crypto Exchange Reviews & Personal Advice | [emailprotected]. Edens activity indexer did not properly validate the originator address for these two tools. (Animated Explainer). Benzinga does not provide investment advice. In this video we mint Fast. Snappy Marketplace, a feature of Magic Eden designed to improve the shopping experience, displays newly posted and sold products on the homepage in near real-time. var rnd = window.rnd || Math.floor(Math.random()*10e6); The NFT marketplace says it will compensate the victims of this scam, taking responsibility of this exploit where internal systems [] The team also emphasized that there was no hack and Magic Eden is safe for trading. 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Heights: is a community driven project containing Be0nb0g like characters, randomly generated as NFTs, on the trading. Refund users a week ago why was my NFT auto-delisted /offer cancelled by ME at risk of counterfeit...