Magic Eden revealed that it will refund all users who mistakenly purchased unverified NFTs that appeared on the collection pages as a result of a recent violation.
In a statement, the Solana-based NFT marketplace said a bug was implemented in an update to two of its features: the Snappy Marketplace and Pro Trade tools. As a result, unverified NFTs were included in these two tools.
More technically, the newly implemented “activity indexer” was unable to detect fake NFTs. Instead, the bug allowed these tokens to evade verification and be included alongside genuine collections. The development comes days after some Magic Eden users reported seeing strange images on the platform instead of NFTs, including pornographic images and stills from the TV series “The Big Bang Theory.” However, on January 4, the platform confirmed that its smart contract remains secure, adding that the incident was an isolated UI issue. According to the update, the security breach led to the sale of 25 fraudulent NFTs in four collections the day before. The market is now looking to see if additional NFTs were affected.
“We have identified that in the last 24 hours, the impact was limited to 25 unverified NFTs sold across 4 collections. These unverified NFTs appeared on collection pages, and unverified NFT transactions appeared on collection activity tabs. The issue was resolved as of this morning.”
Counterfeit NFTs were also added to high-priced and prominent collections based on Solana ABC and y00ts.
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This post Magic Eden will refund users tricked into buying counterfeit NFTs
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