Magic Eden Vulnerability Prompts White Hat Rescue of $5.7 Million in NFTs

Magic Eden confirmed a vulnerability in its legacy Payment Processor V2 contract, which affected wallets that had previously granted token approvals on its former EVM marketplace. White hat researchers, including 0xQuit, successfully moved 23,155 NFTs valued at over $5.7 million to secure storage to prevent theft. The incident highlights the risk of stale on-chain approvals, as permissions remain active even after listings are canceled or marketplaces close. Additionally, approximately 660 WETH (valued at roughly $1.77 million) were exposed to the exploit. Magic Eden has urged users to revoke all legacy approvals on Ethereum, Polygon, and Base.