As Unverified NFTs Were Unknowingly Sold on the Marketplace, Magic Eden Provides Refunds

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Last Updated on January 5, 2023 by Bitfinsider

Unverified NFTs that hadn’t been confirmed were sold alongside verified collections. 25 unverified NFTs sold in 4 collections on January 4 were the extent of the impact. According to Magic Eden, the issue has been resolved, and those who were affected will receive refunds.

Source: Twitter

The market reported that those NFT transactions displayed in the collectors’ activity tabs and on its website. However, Magic Eden guarantees that the business is safe for traders. To find out if any other NFTs beyond the most recent day were compromised, the business is actively investigating.

Previously, Magic Eden’s platform faced other challenges. On January 3, some Magic Eden users noticed that instead of the usual NFT thumbnail, clicking on a collection’s website displayed a sexual image. As an alternative, a still from The Big Bang Theory was allegedly viewed by a number of people.

The corporation said that after a third-party picture hosting service it used had been hijacked, shady photos were made public. The new development, however, cannot be credited to a third party.

When the company released a new feature, ME observed that its Snappy Marketplace and pro-trade apps encountered problems with their user interfaces. Magic Eden’s Snappy Marketplace, a feature created to enhance the buying experience, shows recently placed and sold items on the homepage in almost real-time. Users also have access to Eden’s Pro Trade function, which allows them to view recently listed and sold items in real-time along with other information to help them make decisions, for some collections on Magic Eden.

The company claims that a bug in an update caused the verification process for NFTs to fail before they could be incorporated to the aforementioned application. Thus, without additional intervention, the items were added to the entire collection. For these two tools, Eden’s activity indexer failed to correctly check the originating address. Magic Eden assures users that its smart contracts are still secure to use and that the interface glitch was a one-off.

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