- Magic Eden stated that phony NFTs are being sold with real collections.
- A hacked image cache site generated the hostile NFT images.
- Since the platform has not been breached, Magic Eden has certified that consumers’ NFTs are safe.
Magic Eden, a non-fungible token (NFT) marketplace, said on Wednesday that an unsolved problem has allowed counterfeit NFTs to be displayed and traded alongside genuine collections. The platform says it estimates the problem has “affected less than 10 collections.” One of the affected projects is y00ts, one of DeGods’ greater Magic Eden collections. Since the problem began, a few fake y00ts have been marketed.
The false listings started early this morning with the ABC collection, which the platform seemed to have resolved by introducing more authentication steps.
Magic Eden stated that one should reload their browsers to ensure that they are only seeing certified collection listings. They are keeping an eye on the consequences and will provide advice. They have resolved the issues. One is tx of phony NFTs on collection sites, and another one is tx of phony NFTs on activity tabs.
Update: Please hard refresh your browsers to make sure you are only seeing verified collection items. We're monitoring the situation & will use this thread for updates.— Magic Eden 🪄 (@MagicEden) January 4, 2023
We have fixed 2 issues:
1) fake NFTs being listed on collection pages
2) tx of fake NFTs on activity tabs
On Tuesday, Magic Eden, Solana’s largest NFT marketplace, displayed adult content, in addition to photos, in place of NFTs. Users of Magic Eden stated that when they loaded a collection’s website, it displayed a pornographic image instead of the NFT image. In addition, Twitter user SolProfessor565 revealed offensive photographs on Magic Eden that were being shown to their child.
According to Magic Eden, its third-party image was compromised; nevertheless, the marketplace was not compromised, ensuring that the NFTs on the platform are totally safe. Magic Eden stated that the exploitation resulted in the sale of 25 bogus NFTs among four collections in the previous 24 hours, although it is still unclear whether more NFTs were impacted beyond the last day.
Magic Eden initially alerted the public to the phony NFTs in a tweet on January 4, citing community complaints that users were able to purchase bogus ABC NFTs. It stated at the time that it had implemented “verification layers” in an attempt to fix the issue.