The alarm was first raised on September 25 by NFT trader Cirrus, who observed a single wallet siphoning 3,832 assets from hundreds of individual accounts. The massive volume of transfers, executed for zero ETH, prompted immediate concern regarding the integrity of Magic Eden’s smart contracts. Cirrus advised users to proactively revoke all permissions to prevent further unauthorized access to their holdings.
Shortly thereafter, an X user known as Quit claimed responsibility for the transfers, identifying them as a whitehat intervention rather than a theft. Quit stated that the assets moved to wallet 0x71cf3f5724bD2B72Ef6464992aCd26216DE7fe33 are secure and will be returned to their rightful owners once the underlying risk is mitigated. Despite these assurances, Magic Eden has yet to issue an official confirmation verifying that the address belongs to an authorized partner or that the movement was part of a sanctioned recovery effort.
The incident remains shrouded in uncertainty, particularly regarding the scope of the potential vulnerability. Magic Eden has remained silent on the nature of the breach, leaving users to speculate whether the activity involves legacy contracts or systems currently in use. The platform previously shuttered its EVM-based NFT marketplace in March, though it continues to facilitate trading for other collections through its Packs product. Investigators have yet to disclose how many wallets were compromised or the total valuation of the assets swept during the event.
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