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Thousands of NFTs on Magic Eden were saved by whitehats after a bug in an old payment contract. The NFTs listed between February and October 2024 may still be at risk.
Thousands of NFTs were rescued by whitehat hackers after a vulnerability in an old payment contract was discovered on the Magic Eden EVM marketplace. The rescue operation, carried out by a whitehat known as 0xQuit, involved transferring the NFTs to a safe wallet. The transfers appeared as regular sales on Magic Eden, causing confusion and worry among community members. However, it was later confirmed that the transfers were part of a whitehat operation to protect the NFTs.
Whitehat Rescue Operation Explained
NFT community member Cirrus noted that the transfers were part of a whitehat operation. The NFTs are safe in the receiving wallet and will be returned to their owners once the risk is gone. This was not 0xQuit's first rescue; in June, he helped recover 68 NFTs worth over $500,000 after the Flooring Protocol exploit.
According to Magic Eden, the problem was with Limit Break's Payment Processor V2, not the marketplace itself. This is the protocol that Magic Eden started using in 2024 to settle trades on EVM chains. No live Magic Eden listings were impacted in this exploit.
Vulnerability Window and Affected NFTs
NFTs listed on Magic Eden EVM between February and October 2024 could still be vulnerable. Anything listed after that period should be safe. Magic Eden has reached out to Limit Break, which owns and maintains the protocol, to explore further actions such as pausing transfers.
The vulnerability in Limit Break's Payment Processor V2 allowed an attacker to exploit the contract and transfer NFTs without proper authorization. The whitehat operation was initiated to prevent the NFTs from being stolen. The NFTs are currently held in a secure wallet and will be returned to their rightful owners once the vulnerability is fully addressed.
Magic Eden has stated that they are working closely with Limit Break to resolve the issue and ensure the security of the marketplace. Users who listed NFTs between February and October 2024 are advised to review their listings and take appropriate action.
Context and Previous Incidents
This incident highlights the ongoing risks in the NFT ecosystem, where smart contract vulnerabilities can lead to significant losses. Whitehat hackers play a crucial role in identifying and mitigating such risks. The recovery of 68 NFTs worth over $500,000 in June demonstrates the importance of these efforts.
The NFT community has expressed relief that the NFTs were rescued, but concerns remain about the security of listings during the vulnerable period. Magic Eden and Limit Break have not yet released a full statement on the incident, but an interim statement was provided.
Magic Eden Nfts Whitehat Rescue Limit Break EVM Marketplace Payment Processor V2 0Xquit
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