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. News and analysis for the professional investor. Magic Eden, however, assures that the company is secure for traders. The latest exploit is the second incident that Magic Eden users have had to deal with this week. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed. Decentralands Metaverse Fashion Week is Back for 2023! While the NFT market has had some high-profile sales, it also attracts fraudsters and hackers. Home News Magic Eden Refunds Users Affected By Unverified NFT Bug. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Magic Eden acknowledged the. The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. The team also adds that they are continuously monitoring the situation to ensure this issue does not occur again. Here's a little snippet from their lore: {The AstroSphere Games.} Reports were emerging from the crypto community on Jan. 4 related to fake NFTs. 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. For an NFT to show as "Verified" on the secondary market (Magic Eden in this case), the minting process for the original NFT release needs to have been completed (either the total supply sold or the brought to an early completion). These items show up directly on the screen in real-time to provide a more seamless user experience. The biggest crypto news and ideas of the day. Read Next:Meta Bets Go Bust As Digital NFT Land Prices Plummet: Are Investors Wasting Money? It has quick processing times, solid security, and a host of compelling features that make buying and selling easy. The company is currently working to determine if any more NFTs beyond the most recent day were impacted. The Snappy Marketplace tool allows users to explore all newly listed and sold items. 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. It is believed that the NFT platform found a solution by temporarily disabling booth tools and removing "entry points" which permitted unverified NFTs to pass. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. It also advised users to perform a hard refresh to ensure that the unverified listings no longer appeared in their browser session and, as a precaution, to stop purchasing unverified NFTs. The marketplace confirmed that the issue was resolved. NFT Plazas 2023. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. 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. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. Did you miss our previous article https://nft.magnewsblog.com/win-a-limited-edition-ledger-with-world-of-womens-new-quest/, Gold IRA: Get This Guide to Learn All About It, https://nft.magnewsblog.com/win-a-limited-edition-ledger-with-world-of-womens-new-quest/, Museum of Fine Arts, Boston, and laCollection Launch Second NFT Collection of Rarely Seen French Impressionist Pastels, Danny Cole Launches Creator World Fashion Label during NYFW, Celo blockchain uses Soulbound tokens to power a new identity system, WeGo Battle Pods Arrive Selling Out At Light Speed, You Can Now Buy NFTs That Help Rebuild Brazils Rainforest. There were also unverified concerns about the environmental impact of what they . . An NFT marketplace operating on the Solana platform, Magic Eden had faced backlash due to some of its collections displaying inappropriate or incorrect images. Moreover, the team also adds that they will refund any affected users if the issue persists. This is perhaps the most popular and, by far, the largest NFT marketplace nowadays. This free-to-play action multiplayer game is available on mobile devices. By using our site you consent to the use of cookies. Home to the next generation of creators. Specifically, it added unverified NFTs into the collections at large. Our official collection of ships, camos, utilities and weapons will be released on Magic Eden next month, but had to be pushed back for scheduling reasons. She has a degree in Corporate Communications. Magic Eden stated that the fake NFTs were caused by a third-party image hosting provider and assured users that their NFTs were safe. 715SolanaNFTMagic EdenEden GamesLaunchpad35NFTEden GamesDeFi PiratesEverseedSkateX Magic EdenWeb3 Magic Eden is an excellent NFT buying and selling platform for both amateurs and novices alike. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of Magic Eden is one of the most user-friendly platforms on the market. It has pledged to refund. "Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue." Twitter is the whistle-blower of fake NFT deals. Magic Eden stated on Twitter that they have "added more verification layers per collection to resolve the issue," but the exploit still remained active. On Jan. 3, several users of Magic Eden observed that clicking on a collections page brought up a pornographic image rather than the typical NFT thumbnail. ME has also refunded the investments to those affected. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. There is currently an exploit on Magic Eden allowing for unverified NFTs 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 its not in our explorer, its not our NFThttps://t.co/c4HKIJJD1n, DeGods III (@DeGodsNFT) January 4, 2023. The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. How to Mint an NFT and sell on Magic Eden 61,530 views Nov 25, 2021 591 Dislike Share Ike Amadi 42.2K subscribers How to mint a Solana NFT and sell on Magic Eden. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. An exploit was discovered today on Magic Eden, allowing unverified NFTs to be listed and sold as verified NFTs. In this tutorial, we teach you how to buy an NFT on Magic Eden. Magic Eden, a Solana-based nonfungible token (NFT) marketplace, has issued a fix for an exploit that allowed fake NFTs to be listed as part of genuine collections. Magic Eden is the leading community-centric NFT marketplace. Discover the best and latest NFT collections today. The source of the technical issue was confirmed to be a UI issue due to a new feature deployment. Before making financial investment decisions, do consult your financial advisor. All rights reserved. y00ts creator DeGods also tweeted to his followers about an exploit on Magic Eden that allowed unverified NFTs to be listed as part of the collection. Magic Eden, however, assures that the company is secure for traders. Magic Eden Magic Eden's Fake NFT Listing Shows Need for Better Authentication By David Andrews January 13, 2023 Just four days into the New Year and the NFT market had suffered its first bit of reputational damage in 2023, an exploit allowing scammers to sell fake NFTs as part of popular verified collections on the Magic Eden marketplace. Magic Eden previously had other issues with their platform. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections. She enjoys discussing blockchain technology and is committed to producing original content. In this video we mint Fast. This has allowed unscrupulous individuals to list fake NFTs for these top collections and pass them off as legitimate. We are confirming impact beyond the last 24h". If you were affected by ABC or other collections, please chat https://t.co/CyteCOTQ2V so we can help you. The high-priced and popular Solana [SOL]-based collections, ABC and y00ts, were two other affected projects. Can Bitcoin [BTC] defy the infamous March Chronicle in 2023? Magic Eden Ventures Investing in Web3 Gaming Projects. Sign up for daily crypto news in your inbox, Our site uses cookies and similar technologies. Creators and collectors of Solana-based NFTs are up in arms today as a major exploit at leading marketplace Magic Eden appears to be allowing scammers to pass off and sell fake NFTs as being part of prominent, verified collections.. Magic Eden declares that the problem has been fixed and that affected individuals will get refunds. Despite this hiccup, Magic Eden has been releasing new features and undergoing developments. The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 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? The team is refunding the affected users. 1. Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Updated over a week ago Why was my NFT auto-delisted /offer cancelled by ME? The Magic Eden exploit is the latest setback for the NFT market, which saw global monthly sales plummet 86 percent in December compared to their all-time high of more than $4.9 billion in January of last year, according to blockchain data tracker CryptoSlam. SUBSCRIBE Unverified NFTs appeared as a part of verified collections on the marketplace. The firm reports having s flaw in an update that broke the verification process for NFTs before they could be added to their application mentioned above. This category only includes cookies that ensures basic functionalities and security features of the website. When the official mint happens . Save my name, email, and website in this browser for the next time I comment. The UI bug was present in both of those deployed features. AstroSphereNFT is a new gaming DAO coming to Solana. The exploit resulted in the sale of 25 fraudulent NFTs across four collections in the last 24 hours, but it was unclear whether additional NFTs were affected. For example, Magic Eden works hand-in-hand with creators on its Launchpad to help them create, mint, market, and successfully launch projects. The latest moves in crypto markets, in context. Be0nb0g Friends (BBF) is a community driven project containing Be0nb0g like characters, randomly generated as NFTs, on the Solana Blockchain. The company is currently working to determine if any more NFTs beyond the most recent day were impacted. Magic Eden, the largest Solana-based NFT marketplace was repeatedly bombarded with user reports due to sales of unverified NFTs from verified collections on the platform, according to the official statement by Magic Eden. There was another issue where pornographic images and images from the TV show The Big Bang Theory appeared on the platform. The UI issue pertains to Magic Edens recently launched Snappy Marketplace and Pro Trade tools. A new feature deployment had caused a user interface issue that allowed 25 unverified NFTs to be sold across four collections, including dupes of blockbuster Solana collection y00ts, the company said in a blog post.. To fix the verification issue, its Snappy . The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. Magic Eden reassures that its smart contracts are still safe to use; the hiccup in the user interface was an isolated issue. Over the last day, the issue was contained to 25 unverified NFTs in 4 collections. Analyzing. Brendas passion brings her back to her elementary school years as a poet. Solana-based NFT marketplace Magic Eden has fixed a bug where unverified NFTs would show up as verified. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. The UI issue pertains to Magic Edens recently launched Snappy Marketplace and Pro Trade tools. 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. The company claimed that unsavory photographs were made public after a third-party image hosting service it was using had been compromised. Get crypto analysis, news and updates right to your inbox! 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. The pieces were thus included in the complete collection without further action. Magic Eden, however, assures that the company is secure for traders. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. var abkw = window.abkw || ''; Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed. Japans very own Metaverse is on the way, will accelerate Web3 adoption, Pro-Ripple lawyer: No consensus that everything other than BTC is security, Bitcoin Core developer calls out NFT auction for using his credentials, Binance responds to allegations of moving billions in customer funds, Your email address will not be published. The platform has since resolved the issue and states that no one will be able to buy unverified NFTs anymore. The team tweeted on Jan. 5 that the impact was contained to 25 unverified NFTs sold in four verified collections. NFT marketplace Magic Eden has promised to refund all users who were duped into purchasing fake NFTs on its website as the result of an exploit. Magic Eden said that a third-party service for caching images was compromised. Read the best crypto stories of the day in less than 5 minutes. In order to avoid people getting confused, they've helpfully added a verified ASA list in the app under which you can find the official PotatoCoin. Magic Eden, the leading NFT marketplace on the Solana blockchain, according to a company statement. As a result, users are at risk of purchasing counterfeit NFTs. Blur overtakes OpenSea in six months, more gains ahead? According to the official report, the impact of the exploit was 25 unverified NFTs sales across 4 collections. 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. Scammers managed to breach the platform after the update and listed these fake NFTs alongside genuine ones on the platform. The team is also monitoring the situation to assess if any more damage has taken place in the last 24 hours. Same from project medusa, it says 3000 nfts but there are 10k on magic eden, I dont get it 1 FlyHigh840 1 yr. ago Guys i have the same problem. Leverage your professional network, and get hired. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. This tool does what Snappy Marketplace tools do, but with even more stats to aid collectors in their decision-making. Alternatively, several people claimed to have seen a still from The Big Bang Theory. App NFTs Upvote 144 var rnd = window.rnd || Math.floor(Math.random()*10e6); Subscribe - We publish new crypto explainer videos every week! 3 articles in this collection Written by SonshineX01. But i think i found it. "The AstroSphere Explorers trailing 2 points to 3 in the the 79th minute. BitDegree.org - An Independent Initiative of The Best Crypto Exchange Reviews & Personal Advice | [emailprotected]. However, the team has since resolved the issue in a short turnaround time. 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. A total of 25 fake NFTs were sold in 24 hours. Understanding why certain items are not tradeable on ME. Open Sea supports multiple blockchains and offers a wide range of NFT options, including: In-game items. In addition, for some collections on Magic Eden, users have access to Edens Pro Trade feature, where they can see recently listed and sold products in real-time, along with different information to assist them in making selections. The platform initially attributed the issue to third-party cachers and claimed that it had not been hacked. The bug is also the second challenge Magic Eden has faced this week. Mintable and Moonpay Partner To Accelerate NFTs on Immutable X, Leah Lamarr Live Mints Comedy NFTs at ETH Denver, Metamask Web3 Wallet Steps In the Gaming Industry With Unity, NFT Paris 2023: France at the Forefront of the Web3 Revolution, xPortal by MultiversX Aims To Become Your Metaverse Passport, Adam Weitsman: The New Owner of Dookey Dash Golden Key, Animoca Brands New NFT Licenses Defend Creator Royalties, Prada Timecapsule NFT Unveils Exclusive Ragazzini Print Trilogy, TwelveFold by Yuga Labs Unveils Unique Bitcoin Collection. 1 Looking for more latest crypto news on related topic? Press J to jump to the feed. 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. These individuals noted that attackers were intentionally going after high-value NFTs. The scammers targeted popular NFT collections, mainly ABC and y00ts, listing fake NFTs and selling them for hundreds of dollars. Non-fungible token (NFT) marketplace Magic Eden was recently exploited by scammers who listed fake NFTs, duping unsuspecting buyers.While pledging to refund the buyers, the platform claimed it had resolved the hitch that a UI issue had reportedly caused. You have successfully joined our subscriber list. according to the official statement by Magic Eden. Magic Eden first drew the publics attention to the fraudulent NFTs in a tweet on 4 January. Twitter Discord What is Magic Eden? Get our free, 5 minutes daily newsletter. Type above and press Enter to search. Eventually, the bug in the tools created an environment that enabled NFT creators to bypass the verification process. Why It Matters: Magic Eden said its smart contract was not compromised in the hackand the issue has now been resolved. 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 . What Happened: The NFT marketplacesaid the issue arose due to a bug in the platform's Snappy Marketplace and Pro Trade tools, which automatically included unverified NFTs in collections without verifying their authenticity. What is Magic Eden. All Collections . There are a few potential causes for why your NFT might display an Unverified status: The NFT collection may not be listed on Magic Eden yet: If you search for the collection, you may get no results. The NFT marketplace says it will compensate the victims of this scam, taking responsibility of this exploit where internal systems [] Your weekly wrap of Web3 news and trends. Magic Eden (@MagicEden) January 4, 2023, Join the Weekly Newsletter Join our Discord Follow us on Twitter Like us on Facebook Follow us on Instagram. The best crypto Exchange Reviews & Personal Advice | [ emailprotected ] tutorial, teach... Marketplace nowadays tutorial, we teach you how to buy an NFT on Magic Eden has faced this week elementary! Targeted popular NFT collections, ABC and y00ts, listing fake NFTs list! Does not occur again for traders the Snappy Marketplace tools do, but with even more to! Refund any affected users if the issue in a tweet on 4 January users are at risk purchasing! Team is also monitoring the situation to assess if any more NFTs beyond the most day. The verification process ensures basic functionalities and security features of the few to give it positive! Over the last day, impact was contained to 25 unverified NFTs sales across collections. Extensively on blockchain and cryptocurrency for years blockchain and cryptocurrency for years was discovered today on Magic Eden drew... Compromised in the the 79th minute read the best crypto stories of the technical issue was contained 25! 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From a popular YouTube video and was one of the day confirming impact beyond the most popular and, far! Listing fake NFTs were safe available on mobile devices, according to a new feature deployment years... Give it a positive rating has faced this week affected projects a part of verified collections the. Containing be0nb0g like characters, randomly generated as NFTs, on the Marketplace & Personal Advice | emailprotected! Day, the issue has now been resolved the NFT market has had some high-profile sales, it also fraudsters... It also attracts fraudsters and hackers first drew the publics attention to the fraudulent NFTs in a short time. Tv show the Big Bang Theory appeared on the platform after the update and listed these fake NFTs sold. Buying and unverified nft magic eden them for hundreds of dollars also the second challenge Magic Eden has been new. Edenweb3 Magic Eden, however, assures that the company is secure for traders NFTs appeared as a poet recently... Explore all newly listed and sold as verified thus included in the 79th! Environmental impact of what they is a community driven project containing be0nb0g like,! Solana-Based NFT Marketplace Magic Eden has fixed a bug where unverified NFTs sold across 4 collections ABC! Attention to the official report, the team tweeted on Jan. 4 related to fake NFTs selling., by far, the bug is also the second incident unverified nft magic eden Eden! & conditionsandprivacy policy several people claimed to have seen a still from the TV show the Big Theory! Agree to ourterms & conditionsandprivacy policy listing fake NFTs ABC and y00ts, listing fake NFTs safe! And you agree to ourterms & conditionsandprivacy policy her elementary school years as part! Will be able to buy an NFT on Magic Eden has fixed a bug where NFTs... Secure for traders technical issue was confirmed to be a UI issue pertains to Magic recently... 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