Magic Eden Contract Vulnerability Leads to White Hat Rescue of 3,800 NFTs

Over 3,800 Ethereum-based NFTs were transferred from user wallets in what initially appeared to be a zero-cost exploit on the Magic Eden marketplace. Yuga Labs security expert 0xQuit confirmed the incident was a white hat rescue operation to protect assets from a vulnerability in legacy contracts. The recovered NFTs are held in a secure address and will be returned to owners. Users are urged to immediately revoke approvals for Magic Eden's Ethereum Payment Processor V2 and ApeChain Payment Processor V3 contracts.