Home News Magic Eden Refunds Users Affected By Unverified NFT Bug. Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. By using our site you consent to the use of cookies. When the official mint happens . var pid588602 = window.pid588602 || rnd; The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. The transformation of value in the digital age. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Save my name, email, and website in this browser for the next time I comment. (Animated Explainer). We use cookies to improve your experience. 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. 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. Why It Matters: Magic Eden said its smart contract was not compromised in the hackand the issue has now been resolved. As a result, users are at risk of purchasing counterfeit NFTs. 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. But i think i found it. Specifically, it added unverified NFTs into the collections at large. In any of these cases, it is best to reach out to the creators of the NFT collection or project to verify which of these instances may apply to you. Due to a technical issue, Magic Eden users bought unverified NFTs. Solana-based NFT marketplace Magic Eden has fixed a bug where unverified NFTs would show up as verified. A screenshot from ABC creator HGE showed at least two sales of 100 Solana each, for about $2,600. 2023 Benzinga.com. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Be a smarter, safer investor in eight weeks. 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. These items show up directly on the screen in real-time to provide a more seamless user experience. 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. Tokoni Uti has written extensively on blockchain and cryptocurrency for years. The platform then directed users to hard reset their browsers. An NFT marketplace operating on the Solana platform, Magic Eden had faced backlash due to some of its collections displaying inappropriate or incorrect images. NFTNFT SudoswapMagic EdenNFTBlurNFT We also use third-party cookies that help us analyze and understand how you use this website. Save my name, email, and website in this browser for the next time I comment. The team tweeted on Jan. 5 that the impact was contained to 25 unverified NFTs sold in four verified collections. Earlier today, unverified NFTs were being shown as part of verified collections on ME. New Paris, le-de-France, France jobs added daily. As always, make your own research prior to making any kind of investment. It resolved the issue and will refund affected users. 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. Scammers managed to breach the platform after the update and listed these fake NFTs alongside genuine ones on the platform. Solana NFT marketplace Magic Eden offered refunds to users affected by the posting of unverified NFT collections on its marketplace. Magic Eden NFT . The marketplace said that those unverified NFT transactions appeared in the activity tabs of the collections and their web page. To ensure that platforms users are safe, Magic Eden confirmed that their smart contract is still secure and emphasized that the problem was in the tools, not the contract. Perks include discounts, NFT giveaways, and exclusive content. Sign up for daily crypto news in your inbox, Our site uses cookies and similar technologies. Solana. How does this work? Secondly, a list of all minted NFTs (a hash list) for the release needs to be sent over by the creator/minter . The Magic Eden team has verified that the impact was contained to 25 unverified NFTs sold across 4 collections. 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 . The root cause appears to be a UI issue related to a new feature deployment released to the Snappy Marketplace and Pro Trade tools. Join 25,000+ NFT enthusiasts & stay on top . The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. Understanding why certain items are not tradeable on ME. NFT marketplace Magic Eden has fixed an issue where unverified NFTs would appear in verified collections. pic.twitter.com/35RYHOKVxd. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. Take a look! Holding 1 Be0nb0g Friends NFT grants you more than a JPEG, BBF will be able to be a part of an amazing . The company says it is taking steps to ensure future incidents do not occur. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections. The unverified NFTs randomly popped up on the collection pages across different projects. Earlier today, unverified NFTs were being shown as part of verified collections on ME. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. This has allowed unscrupulous individuals to list fake NFTs for these top collections and pass them off as legitimate. The bug is also the second challenge Magic Eden has faced this week. Solana-based NFT marketplace Magic Eden has fixed a bug where unverified NFTs would show up as verified. Magic Eden Response to Unverified NFTs Reports Updates from 4 January 2023 issue . Home to the next generation of digital creators on Solana. All rights reserved. On 4 January 2023, the company addressed an issue and released an update. The unverified NFTs randomly popped up on the collection pages on different projects. 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. Put simply, we are the best place for new and experienced non-fungible token fans making content fun & accessible. 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. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. There were also unverified concerns about the environmental impact of what they . What Did The Magic Eden NFT Marketplace Refund Users? Despite this hiccup, Magic Eden has been releasing new features and undergoing developments. Also Read:The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable. 223Magic Eden11Web3Web3. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The NFT marketplace says it will compensate the victims of this scam, taking responsibility of this exploit where internal systems [] Nonfungible token (NFT) marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs on its website as a result of an exploit. Press J to jump to the feed. The scammers targeted popular NFT collections, mainly ABC and y00ts, listing fake NFTs and selling them for hundreds of dollars. What financial advisors need to know about crypto. But you, lucky person, have staked your PLD and now hold this IOU as evidence. Users will not be able to buy unverified NFTs on the platform. 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. There was also the case of users seeing pornographic images and shots from the TV show the Big Bang Theory on the platform. The Snappy Marketplace tool allows users to explore all newly listed and sold items. "The AstroSphere Explorers trailing 2 points to 3 in the the 79th minute. The exploit was a As it stands, no one can buy unverified NFTs on Magic Eden. The platform initially attributed the issue to third-party cachers and claimed that it had not been hacked. Due to the malfunction, unsuspecting buyers have been tricked into purchasing fake NFTs for large sums of money. 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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. Secondly, a list of all minted NFTs ( a hash list ) for the next time I comment pornographic! Popular NFT collections, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs across. Was a as it stands, no one can buy unverified NFTs randomly popped on... Where unverified NFTs sold in 4 collections by the creator/minter sold across collections. 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