Concerns arose around Magic Eden after thousands of NFTs were observed moving and showing up as 0 ETH sales, suggesting a possible contract exploit. Trader Cirrus first flagged activity in which a single wallet moved 3,832 NFTs from hundreds of wallets and urged holders to revoke approvals. Pseudonymous Yuga Labs executive 0xQuit said the transfers were a whitehat operation and that assets at the identified receiving address would be held safely and returned once the risk passes.
Subsequent reports added that legacy Magic Eden approvals exposed about $5.7 million in NFTs before whitehats rescued 23,155 tokens. Magic Eden has not publicly confirmed an exploit. Yuga Labs CEO Michael Figge said a vulnerability had been discovered hours earlier and that more information would follow. The episode also intersects with Magic Eden’s earlier decision to end EVM marketplace support, leaving questions about which contracts and listings were implicated and the full scope of affected wallets and values.