Most curated auction items do not belong to a collection yet, and as such would appear as Unverified. The unverified NFTs randomly popped up on the collection pages on different projects. 04 Jan 2023 17:22:27 Read the best crypto stories of the day in less than 5 minutes. 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. The latest exploit is the second incident that Magic Eden users have had to deal with this week. Read on to learn about this quick fix! The team tweeted on Jan. 5 that the impact was contained to 25 unverified NFTs sold in four verified collections. 2023 Benzinga.com. The platform has since resolved the issue and states that no one will be able to buy unverified NFTs anymore. The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. By using our site you consent to the use of cookies. How Ethereum's evolution impacts crypto markets. Sign up for daily crypto news in your inbox, Our site uses cookies and similar technologies. Magic Eden declares that the problem has been fixed and that affected individuals will get refunds. Last month Magic Eden was embroiled in controversy for selling unverified NFTs on its platform. Earlier today, unverified NFTs were being shown as part of verified collections on ME. The UI issue pertains to Magic Edens recently launched Snappy Marketplace and Pro Trade tools. It resolved the issue and will refund affected users. Further actions to reinforce the security measures were also taken by the team via adding extra verification steps to eliminate similar attacks. The NFT transactions are very similar to Ethereum, except that users will have a 0% listing fee and only 2% transaction fees, which lowers the entry barriers for new and seasoned NFT buyers and creators. MoonPay, a web3 infrastructure company, has joined forces with Magic Eden, one of the biggest NFT marketplaces, to help make NFTs more accessible through old-school tricks, the companies announced . Due to the malfunction, unsuspecting buyers have been tricked into purchasing fake NFTs for large sums of money. Alternatively, several people claimed to have seen a still from The Big Bang Theory. What financial advisors need to know about crypto. The creator (s) may still need to submit a listing request form, or the request form may still be being processed by our listing team. If you were affected by ABC or other collections, please chat https://t.co/CyteCOTQ2V so we can help you. Put simply, we are the best place for new and experienced non-fungible token fans making content fun & accessible. CoinDesk journalists are not allowed to purchase stock outright in DCG. ME reported that their Snappy Marketplace and pro-trade apps had issues with their user interfaces when the firm published a new feature. News, Events, Advertising and Much More. There is currently an exploit on Magic Eden allowing for unverified NFT's 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 it's not in our explorer, it's not our NFT. In this video we mint Fast. To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. The team also emphasized that there was no hack and Magic Eden is safe for trading. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections. In any of these cases, it is best to reach out to the creators of the NFT collection or project to verify which of these instances may apply to you. NFT Plazas 2023. To resolve the issue, the team first disabled entry points to eliminate new unverified NFTs. an NFT royalty enforcement tool - Open Creator Protocol. The Majority of Voyager Customers Agree with Binance.US Restructuring Tel Aviv Stock Exchange Takes a Step Towards Offering Crypto Trading S French Lawmakers Pass Stricter Licensing Rules For Crypto-Related Firm Coinbase Launches National Advocacy Campaign For Crypto-Friendly Polic BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. The platform then directed users to hard reset their browsers. She enjoys discussing blockchain technology and is committed to producing original content. Cookies Policy / Privacy Policy / Terms of Use. Magic Eden NFT . Your weekly wrap of Web3 news and trends. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. The scammers targeted popular NFT collections, mainly ABC and y00ts, listing fake NFTs and selling them for hundreds of dollars. The NFT had a limited supply, and its ownership became a badge of honor for the most dedicated players. Magic Eden recently updated some features on its platform. Magic Eden's recent issues PlayStation had created an NFT collection that featured iconic characters from their games, such as Kratos from God of War and Nathan Drake from Uncharted. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. "We have identified in the last 24 hours, the impact was contained to 25 unverified NFTs sold across 4 . Nonfungible token (NFT) marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs on its website as a result of an exploit. Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. 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. This website uses cookies to improve your experience while you navigate through the website. Home to the next generation of creators. Staking ban is yet another nail in Cryptos coffin and thats good. According to the official report, the impact of the exploit was 25 unverified NFTs sales across 4 collections. Save my name, email, and website in this browser for the next time I comment. Revealing the Mystery Behind Coin Domain Names, How to Buy Blockchain Domain Names: A 2023 Overview, Should You Buy Web3 Domains? However, what is unique is the asset id - a unique number given to the asset by the blockchain as part of the asset creation step. According to the statement issued by Magic Eden, over 25 fraudulent NFTs were sold across four collections in the last 24 hours. Read on to learn about this quick fix! Magic Eden is the leading community-centric NFT marketplace. according to the official statement by Magic Eden. A total of 25 fake NFTs were sold in 24 hours. According to social media accounts, the recent exploit has particularly targeted popular Solana collections like ABC and Y00ts. pic.twitter.com/35RYHOKVxd. The UI bug led to 25 unverified NFTs sold in four verified collections. Join Our New "To The Moon" daily Newsletter. Holders gain access to exclusive giveaways, gaming tournaments, community game nights and connections to other projects! But this resolution only worked for a few users and on select browsers. The Survivors need to Loot, Craft & Build, and Fight (zombies and one another) their way to Survival! The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. Now, no one can buy unverified NFTs on ME. Can Bitcoin [BTC] defy the infamous March Chronicle in 2023? Magic Eden first drew the public's attention to the fraudulent NFTs in a tweet on 4 January. A Polygon Launchpad gaming project called Shatterpoint also launched on the platform recently. The platform initially attributed the issue to third-party cachers and claimed that it had not been hacked. Earlier today, unverified NFTs were being shown as part of verified collections on ME. 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 . Looking for more latest crypto news on related topic? The company is currently working to determine if any more NFTs beyond the most recent day were impacted. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Press Esc to cancel. These cookies do not store any personal information. App NFTs Upvote 144 The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. 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. Quick reference articles about common problems. The pieces were thus included in the complete collection without further action. This game was followed by a racing game launching called Infinite Drive. Blur overtakes OpenSea in six months, more gains ahead? One of the most promising NFT marketplaces built on Solana - Magic Eden experienced a major security breach that led to listing fake NFTs on the marketplace. Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue.. The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. New YouTube CEO Harbors a Fondness for Web3 and NFTs, Coinbase Celebrates Base Launch with Free NFT Drop, The Titanic Artifacts Resurface on the Blockchain Through NFTs, LinksDAO NFT Funding Secures Historic Scottish Golf Course, Uniswap Allows NFT Trading in Any Ethereum-Based Token, Flare Raises the Bar with Cross Blockchain NFT Trading. Magic Eden has become the latest victim of an exploit, leading to the listing and sale of fake NFTs via the platform. The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. Reddit and its partners use cookies and similar technologies to provide you with a better experience. The le-de-France tramways ( French: Tramways d'le-de-France) are a network of modern tram lines in the le-de-France region of France. An exploit was discovered today on Magic Eden, allowing unverified NFTs to be listed and sold as verified NFTs. Magic Eden is an excellent NFT buying and selling platform for both amateurs and novices alike. NFTNFT SudoswapMagic EdenNFTBlurNFT Be0nb0g Friends (BBF) is a community driven project containing Be0nb0g like characters, randomly generated as NFTs, on the Solana Blockchain. If you have won an NFT from a curated auction, please reach out to us so we can help create the collection to 'house' the NFT that you've won. It's the original peer-to-peer alternative to buy and sell non-fungible tokens online. The Solana-based NFT marketplace Magic Eden closes a business deal with 11 gaming platforms to stimulate the growth of Web3 projects. We use cookies to improve your experience. Magic Eden is one of the most user-friendly platforms on the market. The team also adds that they are continuously monitoring the situation to ensure this issue does not occur again. Earlier today, unverified NFTs were being shown as part of verified collections on ME. What Issues Did The Magic Eden NFT Marketplace Face? AstroSphereNFT is a new gaming DAO coming to Solana. Magic Eden, which also supports . 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. Edens activity indexer did not properly validate the originator address for these two tools. 0% listing fee, only 2% transaction fee. Pros & Cons Revealed. Magic Eden revealed that it will refund all the users who mistakenly bought unverified NFTs that showed up on the collection pages as a result of a recent breach. 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. Assessing 1INCHs performance prior to token unlocks, Algorand [ALGO]: Day traders reluctant as market sentiment remains bearish, Ethereum [ETH]: Will this development turn HODLers into stakers, Chainlink [LINK]: Will $7.2 support hold steady? 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. Therefore, it is a significant issue that Magic Eden recently experienced a malfunction that allowed fake Solana NFTs to be listed on the platform. All rights reserved. The team is refunding the affected users. It resolved the issue and will refund affected users. What is Polygon in Crypto? Required fields are marked *. We've added more verification layers per collection to resolve the issue. Stay up to date with our weekly roundup of independent news, Join in live community chat & all updates as they happen. 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