Thursday, February 9, 2023

Magic Eden Hit With ‘Massive Exploit’, Customers Buy 25 Fake NFTs

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Magic Eden has become the latest victim of an exploit, leading to the listing and sale of fake NFTs via the platform. A total of 25 fraudulent non-fungible tokens (NFTs) were purchased by unsuspecting buyers. The NFT marketplace says it will compensate the victims of this scam, taking responsibility of this exploit where internal systems of the marketplace were violated. The issue was spotted by members of the NFT community on Wednesday, after which the service disabled the affected features and added an extra verification step to prevent similar types of attacks.

Popular NFT platform Magic Eden recently updated some of the features on its service. Scammers managed to breach the platform after the update and listed these fake NFTs alongside genuine ones on the platform.

These fake NFTs were added as part of four existing collections — which include y00ts and ABC.

The exploit transpired over the course of 24 hours and was identified by the members of the NFT community on January 4.

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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: Gadgets360

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