TL;DR
3,832 NFTs were drained today using old, unrevoked Magic Eden wallet approvals after the platform shut down in March.
A white hat hacker was behind the incident and plans to return all NFTs to their original owners.
Users should immediately revoke all Magic Eden approvals and always use a burner wallet for marketplace activity.
Magic Eden Approval Exploit: What Happened
Today, 3,832 NFTs were drained from wallets using old approvals tied to Magic Eden’s marketplace, which officially shut down in March of this year. Even after the platform closed, those wallet approvals remained active — and were used to extract the NFTs.
White Hacker Intervened Before Malicious Actors Could
Fortunately, the incident was carried out by a white hat hacker. The NFTs were removed proactively to prevent a malicious actor from exploiting the same vulnerability. The white hacker has stated they intend to return all 3,832 NFTs to their rightful owners.
Why You Must Revoke Magic Eden Wallet Approvals Now
This incident is a clear reminder that old, unused wallet approvals are a serious security risk. Even if a platform is no longer active, lingering approvals can still be exploited. Make sure to revoke all Magic Eden permissions immediately and adopt safer habits going forward.
Essential NFT Security Habits
✔️ Revoke all unused wallet approvals regularly using tools like Revoke.cash.
✔️ Use a burner wallet for marketplace interactions — never your main holding wallet.
✔️ Audit your approvals after any platform shuts down or changes its contract.
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