Hack Magic Eden Created Alarm There are NFT was moved into protection by White Hat to 3,832 items

What happened on Magic Eden ?

Last Friday, there were NFT movements of 3,832 pieces from several hundred wallets in a single transaction by community member NFT , named Cirrus on X. He was the first to notice this anomaly and noted that these transactions appear to be selling through Marketplace NFT .

At first, many people were concerned that this might be a large-scale robbery so Cirrus advised holders of NFT to revoke their permissions as a precaution.

Then why did you say it was "rescue" and not a robbery?

Shortly afterwards, 0xQuit Vice President of the Yuga Labs blockchain (the company behind Bored Ape Yacht Club), which used a pseudonym, issued a statement claiming that this move was part of White Hat's "White Hat Hacker" operation to rescue assets before they could be accessed by unauthorized individuals.

0xQuit states that all NFT in the wallet received is safe and "will be returned to its owner when there are no more risks".

What is white-hat rescue and why is it so important?

In the NFT industry, when a vulnerability is found that could result in user property being stolen, some community security teams or professionals will quickly move assets out of those vulnerable wallets first and then return them to their owners later. This is considered an emergency measure that can help mitigate damage.

0xQuit has experienced this kind of thing before. Last June, it recovered NFT pieces worth a total of more than $500,000 after an exploit on the Flooring Protocol in which assets were held for restitution to those affected.

Does this channel relate to Magic Eden or not?

Michael Figge, CEO of Yuga Labs said the company found a leak hours before the incident and will provide more information soon.

However, Magic Eden has not publicly confirmed whether the company's virtual contract ( smart contract ) was actually hacked. Cointelegraph contacted Magic Eden for comment but had received no response at the time of publication.

How did this incident affect the holder of NFT ?

For those who hold NFT on the Marketplace like Magic Eden , this event is a reminder that connecting your wallet to an external platform always runs the risk of regularly checking and revoking unnecessary permissions, reducing the chance of losing property if a breach occurs. This time around, all 3,832 pieces are not expected to be returned when the situation is secure.