Thousands of NFTs just got pulled out of harm’s way by whitehats… all because of a bug in an old payment contract.
Here’s what happened!
Whitehats move 3,832 NFTs after Magic Eden bug scare
Each of these transfers looked like regular sales on Magic Eden. This was part of the reason why people got worried. In fact, NFT community member Cirrus pointed this out too, which is why he told holders to revoke their approvals. Just in case.
However, it was all just a rescue move.
Yuga Labs’ VP of Blockchain, who goes by 0xQuit on X, revealed that the transfers were part of a whitehat operation. The NFTs are safe in the receiving wallet and will go back to their owners once the risk is gone.
The vulnerability was found just a few hours prior to this operation.
For context, this wasn’t 0xQuit’s first rescue either. In June, he helped recover 68 NFTs worth over $500,000 after the Flooring Protocol exploit.
Only listings from February to October 2024 at risk
In the time since, Magic Eden has released an interim statement.
According to ME, the problem was with the Limit Break’s Payment Processor V2, and not the marketplace itself. But, what is that? That’s what the NFT trading protocol Magic Eden started using in 2024 to settle trades on EVM chains.
They dropped the contract in October 2024 and shut its EVM marketplace completely in Q1 2026.
No live Magic Eden listings were impacted in this exploit.
Here, it’s worth noting that NFTs listed on Magic Eden EVM between February and October 2024 could still be vulnerable. Anything listed after that should be alright.
We are still further refining our investigation and will provide more updates…
They’ve also reached out to Limit Break (which owns and maintains the protocol) to see what else can be done, like pausing transfers.
If you traded there during that window, revoking your old approvals is a smart move right now.
Final Summary
- After a bug was found, whitehats moved 3,832 NFTs to a safe wallet.
- Magic Eden announced that NFTs listed on its EVM marketplace between February and October 2024 could be at risk.
