However, the team has since resolved the issue in a short turnaround time. Magic Eden reassures that its smart contracts are still safe to use; the hiccup in the user interface was an isolated issue. 1. Home News Magic Eden Refunds Users Affected By Unverified NFT Bug. It has quick processing times, solid security, and a host of compelling features that make buying and selling easy. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. Our goal is to build the most heartwarming and welcoming community in the NFT space. Further actions to reinforce the security measures were also taken by the team via adding extra verification steps to eliminate similar attacks. Understanding why certain items are not tradeable on ME. "Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue," it wrote. Pros & Cons Revealed. A day after Magic Eden suffered a technical glitch that resulted in 25 unverified NFTs being sold as part of verified collections, the company announced on Thursday it wouldbe refunding all users who mistakenly bought the unverified NFTs. There was another issue where pornographic images and images from the TV show The Big Bang Theory appeared on the platform. All Collections . 0.62% 0.80% The platform then directed users to hard reset their browsers. Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month, The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable. The team is refunding the affected users. 25 fake NFTs were sold on the marketplace in 24 hours. Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. News, Events, Advertising and Much More. Earlier today, unverified NFTs were being shown as part of verified collections on ME. 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. The team also emphasized that there was no hack and Magic Eden is safe for trading. 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. If this was the case, most often the reason is that the collection orproject was deemed as being either offensive, a scam, or a potential IP infringement. var rnd = window.rnd || Math.floor(Math.random()*10e6); The former shows newly listed and sold items on the screen in real time, while the latter allows them to see stats in real time. Our goal is to provide the most delightful platform experience for creators and collectors. NFTevening is the biggest website for NFT news. 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. Alternatively, several people claimed to have seen a still from The Big Bang Theory. BitDegree.org - An Independent Initiative of The Best Crypto Exchange Reviews & Personal Advice | [emailprotected]. Magic Eden stated that they took immediate action by disabling the entry points that discard the new and unverified NFTs. Cookies Policy / Privacy Policy / Terms of Use. Today's 57,000+ jobs in Paris, le-de-France, France. 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 . P.S - There is a slight possibility the profile pic is AI-generated. Thank you to the community for bringing this issue to our attention & for your patience. Quick reference articles about common problems. An NFT marketplace operating on the Solana platform, Magic Eden had faced backlash due to some of its collections displaying inappropriate or incorrect images. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. News and analysis for the professional investor. New YouTube CEO Harbors a Fondness for Web3 and NFTs, Coinbase Celebrates Base Launch with Free NFT Drop, The Titanic Artifacts Resurface on the Blockchain Through NFTs, LinksDAO NFT Funding Secures Historic Scottish Golf Course, Uniswap Allows NFT Trading in Any Ethereum-Based Token, Flare Raises the Bar with Cross Blockchain NFT Trading. Earlier today, top Solana NFT marketplace Magic Eden faced an issue where unverified NFTs were showing up as part of verified NFT collections. Over the last day, the issue was contained to 25 unverified NFTs in 4 collections. Furthermore, the Pro Trade tools are an exclusive toolkit for some collections on the platform. Magic Eden recently updated some features on its platform. Magic Eden aims to be your destination for discovery, expression, and ownership across digital cultures. Find additional information on how we use cookies in our, Erik Yates optimistic on bitcoin as the future of banking, Darknet markets blackmailed by hacker with DDoS attacks, Analyst shares strategies to revive crypto portfolio in 2023, Litecoin Ordinal inscriptions hit new high, price up 4%, Investigator claims Bitbns said $7.5m hack was system maintenance, Yuga Labs to launch NFT collection on Bitcoin blockchain, More than 13k wallets leave OpenSea for Blur in one week, Whale sells 1,010 NFTs in largest NFT dump ever. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. However, the team is currently confirming whether additional. 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. A Polygon Launchpad gaming project called Shatterpoint also launched on the platform recently. Magic Eden revealed that it will refund all the users who mistakenly bought unverified NFTs that showed up on the collection pages as a result of a recent breach. Magic Eden (@MagicEden) January 4, 2023. This free-to-play action multiplayer game is available on mobile devices. In a Jan. 4 statement, the company said a bug in its newly deployed "activity indexer" for its Snappy Marketplace and Pro Trade tools essentially allowed fake [] Your weekly wrap of Web3 news and trends. Edens activity indexer did not properly validate the originator address for these two tools. Magic Eden said that a third-party service for caching images was compromised. A screenshot from ABC creator HGE showed at least two sales of 100 Solana each, for about $2,600. She enjoys discussing blockchain technology and is committed to producing original content. pic.twitter.com/35RYHOKVxd. The company claimed that unsavory photographs were made public after a third-party image hosting service it was using had been compromised. Open Sea. You also have the option to opt-out of these cookies. The NFT in question is not part of the collection: Sometimes if an NFT shows as Unverified, its possible that it may be a fake. 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. For example, Magic Eden works hand-in-hand with creators on its Launchpad to help them create, mint, market, and successfully launch projects. The Snappy Marketplace tool allows users to explore all newly listed and sold items. Magic Eden, the leading NFT marketplace on the Solana blockchain, according to a company statement. Create an account to follow your favorite communities and start taking part in conversations. 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. What Issues Did The Magic Eden NFT Marketplace Face? Brendas passion brings her back to her elementary school years as a poet. Having previously worked for various web2 organizations as a journalist, instructional designer, and event manager, he got into blockchain in early 2021. Get crypto analysis, news and updates right to your inbox! By using our site you consent to the use of cookies. A total of 25 fake NFTs were sold in 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. How Ethereum's evolution impacts crypto markets. 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. Following the announcement, Twitter users continued to raise the alarm about the prevalence of fake y00ts NFTs on the platform. The Solana-based NFT marketplace Magic Eden closes a business deal with 11 gaming platforms to stimulate the growth of Web3 projects. As a musician by passion, he fell in love with the digital megastructures building the future of art and creativity. Type above and press Enter to search. Save my name, email, and website in this browser for the next time I comment. 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. Home to the next generation of creators. 04 Jan 2023 17:22:27 Discover the best and latest NFT collections today. Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans! What Did The Magic Eden NFT Marketplace Refund Users? Blur overtakes OpenSea in six months, more gains ahead? The further added: "Update: Magic Eden is safe for trading. Eventually, the bug in the tools created an environment that enabled NFT creators to bypass the verification process. Read the best crypto stories of the day in less than 5 minutes. The co-founder of Magic Eden, Jack Lu shared that the assets will be minted on 11th March, while Overtime CEO, Dan Porter cited the "the value of accessing a finals NBA" [as] near USD$1000", a . By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. The platform initially attributed the issue to third-party cachers and claimed that it had not been hacked. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. However, the team has since resolved the issue in a short turnaround time. However, the team has since resolved the issue in a short turnaround time. document.write('
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