Magic Eden scare puts 3,832 NFTs in whitehat protective custody
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
A whitehat actor moved 3,832 NFTs from hundreds of wallets on September 22 due to concerns about a vulnerability linked to the NFT marketplace Magic Eden. The NFTs were transferred to a protective wallet and will be returned once safe, according to Yuga Labs’ VP of blockchain, 0xQuit. Magic Eden identified the exploit involving Limit Break’s Payment Processor V2, a protocol it ceased using in October 2024, and urged former users to revoke contract approvals to mitigate risk.
Why it matters
This development highlights ongoing security risks within NFT trading protocols and the measures marketplaces and whitehat actors take to protect users’ assets. Magic Eden’s response and coordination with Limit Break may influence user trust and industry practices around vulnerability management; however, the source does not explicitly discuss the broader market or policy impact.
Key context
Magic Eden stopped using Limit Break’s Payment Processor V2 in October 2024 and closed its EVM marketplace in early 2026. The affected NFTs were listed between February and October 2024. Yuga Labs and its executive 0xQuit have a history of engaging in NFT rescue efforts, including a prior recovery of 68 NFTs after an exploit in Flooring Protocol.
Key numbers and entities
3,832 NFTs were moved by a whitehat. Entities involved include Magic Eden, Limit Break (the protocol owner), Yuga Labs, and personnel 0xQuit and Michael Figge. The affected blockchain networks include Ethereum, Polygon, and Base.
What remains unclear
The source does not specify the exact nature of the vulnerability, the reason why the whitehat was able to move NFTs without owner consent, or the timeline for returning the NFTs to their rightful owners. Details on Limit Break’s response and the extent of damage beyond transferred NFTs are also not given.