Makers and users of popular NFT marketplace which are Solana-based seem unhappy as it appears that a major vulnerability at popular platform Magic Eden is permitting fraudsters to pass further and trade fraudulent NFTs as belonging to well-known, authentic groups. Snafu for the Popular NFT Marketplace came into the light through the tweet. Users on Twitter claimed that Magic Eden was advertising fake NFT listings from good collections such as ABC and y00ts, which sparked a conversation about the vulnerability. The NFT marketplace was reportedly sold for several hundred-dollar worth SOL or perhaps more after already being represented as a part of those projects by vendors.
Responding to the issue Magic Eden tweeted about the predicament and expressed gratitude to the public for notifying them about the issue where people might acquire fake NFTs. The marketplace advised impacted traders to get in touch with marketplace support and claimed that it had implemented more authentication levels in each collection to address the problem. HGE, the pseudonymous developer of ABC, and other prominent Solana individuals stated that the issue might not have been addressed. HGE deemed the problem a huge exploit and requested that Magic Eden momentarily shut the market until the issue has been completely fixed.
After the incident, several users have reported receiving pornographic photos and images in exchange for NFTs, prompting Magic Eden to ask them to refresh their browsers. The issue, according to Magic Eden, was created by a hacked third-party picture storage partner and has since been rectified.
Users who unintentionally acquired a fraudulent NFT from one of Magic Eden's verified projects will receive a refund, the company claimed. The company's Pro Trade tools and Snappy Marketplace two recently released additions were both affected by a user interface problem, a flaw that the company cited for the vulnerability.
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