Non-fungible token (NFT) Marketplace Magic Eden was recently exploited by scammers listing fake NFTs to trick unsuspecting buyers. While promising to refund buyers, the platform claimed to have resolved a reported hitch caused by a UI issue.
Scammers primarily targeted ABC and y00ts’ popular NFT collections, listing fake NFTs and selling them for hundreds of dollars. NFT creators took advantage of social media platforms to expose scammers. Magic Eden thanks the community for alerting us to the scam.
don’t buy these @y00tsNFT upon @Magic Edenthey are fake!
Basically all collections are fake in Magiceden and there is a massive exploit going on.
High-value NFTs suffer the most, as attackers choose to exploit high-value NFTs first. pic.twitter.com/35RYHOKVxd
— HGE.SOL 🔤🧙♂️ (@HGESOL) January 4, 2023
Magic Eden initially claimed to have fixed the problem and delisted all fake NFTs, but the creators disputed this claim on social media, accusing scammers of continuing to list fake NFTs. made it clear that
“Update: Please hard refresh your browser to ensure you are only seeing confirmed collection items. We are monitoring the situation and will use this thread for updates. Underlying issue today has been resolved, but we believe that users who didn’t hard refresh their browsers are still seeing unidentified NFTs on their collection and activity pages,” the NFT Marketplace later said. Tweet.
The platform later revealed that scammers had sold 13 fake NFTs for 1,100 SOL. We promised full refunds to affected users.
In the postmortem, the Solana-based marketplace condemned Bugs in recently introduced new features.
“This was a UI issue due to the rollout of new features we released to the Snappy Marketplace and Pro Trade tools. It wasn’t validated before being listed, and items were automatically included across collections.The technical explanation is that the activity indexers in these two tools check if the author’s address is validated. I didn’t do it,” it said.
In addition to the fake NFTs, Magic Eden also had to deal with another glitch where pornographic images were displayed when users tried to view some of the NFTs. Marketplace blamed a third-party image caching service for the glitch.
As with other issues, Magic Eden told users that this was not a problem that could be fixed by hard refreshing the browser.
An image provider, a third-party service used to cache images, has been compromised. Your he NFT is secure and Magic Eden has not been hacked. Unfortunately, you may have seen disturbing images. To fix, do a hard refresh in your browser.
— Magical Eden 🪄 (@MagicEden) January 3, 2023
Solana’s road is over?
While the glitch is a small setback, Magic Eden has been greatly impacted by the continued decline in usage of the Solana blockchain.With our biggest supporter, Sam Bankman-Fried look at jail time Solana’s heyday seems to have passed when it comes to cheating in FTX. Just recently, two of his biggest NFT projects abandoned chains and moved to Polygon and Ethereum.
y00ts officially bridges @0xpolygon Q1 2023. pic.twitter.com/Mnz25dJko1
— y00ts (@y00tsNFT) December 25, 2022
DeGods and y00ts have announced that they will be migrating from Solana in late December. The founders claimed that blockchain networks have a glass ceiling.
“It’s hard to accept, but it’s been tough growing at the rate we want.” [DeGods] The founder, known to fans as Frank III, rounded out Solana.
Migration reduced previous limits Solana’s worst yearJust a few days ago, in early December, hackers exploited fake security updates to Wipe out Solana-powered Phantom wallet usersHackers airdropped NFTs to users who were redirected to fake updates, giving hackers access to their wallets.
Solana’s woes have seen its token plummet, falling from $258 in late 2021 to now. trade for $16.
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