A white-hat hacker transferred 3,832 non-fungible tokens from hundreds of individual wallets on Friday. The action followed reports of a potential vulnerability within the Magic Eden NFT marketplace. Community member Cirrus first identified the unusual activity, noting that the tokens were moved via transactions appearing as sales on the platform.
Yuga Labs vice president of blockchain, known as 0xQuit, confirmed that the transfers were part of a protective operation. The executive stated that the assets are currently secure and will be returned to their original owners once the security risk is resolved. Holders were advised to revoke their NFT permissions as a precautionary measure.
Yuga Labs CEO Michael Figge acknowledged that a vulnerability was identified shortly before the rescue operation. The company plans to release further details in the near future. Magic Eden has not provided a comment regarding the situation as of the time of publication.
This is not the first time 0xQuit has participated in such efforts. In June, the executive assisted in the recovery of 68 NFTs valued at over $500 000 following an exploit on the Flooring Protocol. Those assets were also held securely before being returned to the affected users.
