• An issue on the popular NFT marketplace Magic Eden allowed imposter NFTs to be added to high-priced collections like Y00ts and ABC.
• Magic Eden acknowledged the issue and asked users to hard refresh their browsers.
• Y00ts, a higher-priced collection on Magic Eden created by DeGods, was impacted by the issue, with a handful of fake Y00ts sold to unsuspecting buyers.
On Wednesday, an issue on the popular NFT marketplace Magic Eden allowed imposter NFTs to be added to high-priced collections like Y00ts and ABC. This issue caused concern among many users of the platform, with Magic Eden acknowledging the issue on Twitter and asking users to hard refresh their browsers.
Y00ts, a higher-priced collection on Magic Eden created by DeGods, was particularly impacted by the issue, with a handful of fake Y00ts sold to unsuspecting buyers. The issue was so severe that the team at DeGods publicly warned users to not buy the fake items and stated that “every single collection is fake on Magiceden, a massive exploit is happening ongoing.”
In response to the issue, Magic Eden issued a statement saying that they had fixed the two issues; fake NFTs being listed on collection pages, and transactions of fake NFTs on the activity tab. They also said that they would be refunding any users who had purchased one of the fake NFTs.
This is not the first time that Magic Eden has had to deal with a security issue. In September 2020, the platform was the target of a phishing attack which saw users’ funds stolen. However, Magic Eden was quick to act on the issue and refunded those affected.
The team at Magic Eden have since said that they are working hard to ensure the security of their platform and will continue to monitor the situation. It is unclear whether any of the fake NFTs are still circulating, but the team at DeGods have said that they will be monitoring the situation and taking action if necessary.
In the wake of the issue, it is important for users to remain vigilant when buying and selling NFTs. It is always best to double-check the credentials of any NFTs before committing to a purchase.