Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Fake Solana NFTs are being sold on Magic Eden in ‘massive’ exploit

Fake Solana NFTs are being sold on Magic Eden in 'massive' exploit

Magic Eden said that the problem was fixed, but creators and traders say that there are still fraudulent NFT sales going on.

Creators and collectors of Solana-based NFTs are upset today because a major exploit at the leading marketplace Magic Eden seems to be letting scammers pass off and sell fake NFTs as being part of well-known, verified collections.

This morning, Magic Eden tweeted about the situation and thanked the community for “alerting us there was an issue where people could buy fake ABC NFTs.” The marketplace stated it had “added more verification layers per collection to resolve the issue” and urged affected sellers to contact marketplace support.

But HGE, the creator of ABC, and other well-known Solana figures said that the problem still hadn’t been fixed. HGE called the problem a “massive exploit” and asked Magic Eden to close the marketplace temporarily until the problem is fixed.

“I know volume is important, but limit the damage first,” HGE tweeted at Magic Eden. “Make sure the exploit is stopped, like really make sure of it.”

Shortly after 1pm ET, Magic Eden tweeted that the problem had been fixed on their end, but that users might still see the fraudulent listings until they “hard refresh” their browsers.

“Earlier today, we resolved the root issue but believe users who didn’t hard refresh their browsers still saw unverified NFTs on collection & activity pages,” Magic Eden tweeted. “This is likely a situation that has impacted fewer than 10 collections. We will do a public postmortem [with] more details.”

On Tuesday, Magic Eden also asked users to “hard refresh” their browsers after some saw pornographic images and stills from the TV show “The Big Bang Theory” instead of NFTs. Magic Eden said that the problem was caused by a third-party image caching partner that had been hacked and that it had been fixed.

HGE said that he thinks the problem is with Magic Eden’s index, which is putting data from fake NFTs on the pages of real projects by accident.

“They told me they fixed it when they said they fixed it,” HGE told Decrypt. “But clearly they fucked up on the fix.”

Metaplex, which made the Solana token standard that defines how NFTs work, said on Twitter that the problem has nothing to do with the Metaplex protocol or the NFT standard.

“This issue appears to be unrelated and caused by improper checks at the marketplace layer,” Metaplex tweeted.

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts