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Magic Eden Glitch Prompts User Refunds For Unverified NFT Purchases: What Happened?

A day after Magic Eden suffered a technical glitch that resulted in 25 unverified NFTs being sold as part of verified collections, the company announced on Thursday it would be refunding all users who mistakenly bought the unverified NFTs.

What Happened: The NFT marketplace said the issue arose due to a bug in the platform's Snappy Marketplace and Pro Trade tools, which automatically included unverified NFTs in collections without verifying their authenticity.

While the overall NFT market saw some high-profile sales — digital artwork by Beeple sold for $69 million and a tweet by Twitter co-founder Jack Dorsey sold for $2.9 million — it had also attracted fraudsters and hackers.

Also Read: The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable

Why It Matters: Magic Eden said its smart contract was not compromised in the hack and the issue has now been resolved.

The platform's team disabled the Snappy Marketplace and Pro Trade features at 5 a.m. PT in order to eliminate the entry points for unverified NFTs.

The issue was further resolved by requesting users to hard refresh their browsers and adding an extra verification step to prevent similar attacks.

“All impacted users will be refunded, and Magic Eden is actively monitoring the situation to ensure no further issues arise,” the company stated.

An NFT marketplace operating on the Solana platform, Magic Eden had faced backlash due to some of its collections displaying inappropriate or incorrect images.

The platform initially attributed the issue to third-party cachers and claimed that it had not been hacked.

Read Next: Meta Bets Go Bust As Digital NFT Land Prices Plummet: Are Investors Wasting Money?

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