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.
On 4 January 2023, the company addressed an issue and released an update. According to the statement, the case was related to the platform’s user interface and stemmed from new features that were recently deployed. Both features aimed to improve the user experience. However, there was a bug deployed in an update that affected the entire platform creating a massive exploit.
Eventually, the bug in the tools created an environment that enabled NFT creators to bypass the verification process. Because of that, dupes of NFTs from various collections were able to get listed in the marketplace. According to the official report, the impact of the exploit was 25 unverified NFTs sales across 4 collections.
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Magic Eden stated that they took immediate action by disabling the entry points that discard the new and unverified NFTs. The recently implemented tools were also temporarily disabled so that users were prevented from seeing unverified NFTs in the collection pages for newer sessions.
Further actions to reinforce the security measures were also taken by the team via adding extra verification steps to eliminate similar attacks.
“We are actively monitoring the development of this issue and will refund any impacted users. If users have any questions about security, they can contact us,” said Magic Eden.
To ensure that platform’s 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.
In other news, Magic Eden has also introduced an NFT royalty enforcement tool - Open Creator Protocol.
