White Hats Rescue Over 23,000 NFTs After Magic Eden Approval Exploit

Security researchers, operating under the moniker 0xQuit and affiliated with Yuga Labs, announced the recovery of 23,155 NFTs worth over $5.7 million following an exploit of legacy approval settings on the Magic Eden marketplace.

What happened

Attackers leveraged outdated NFT and token approval contracts on Magic Eden to gain unauthorized access to users’ assets. The exploit allowed the transfer of NFTs without the owners’ consent.

White‑hat intervention

The 0xQuit team intervened, securing the affected NFTs and preventing further loss. Their actions stopped the immediate threat but did not automatically remove the vulnerable approvals.

Next steps for holders

Owners of the rescued NFTs are advised to manually revoke the compromised NFT and token approvals on their wallets to eliminate any remaining risk.

Impact

• 23,155 NFTs recovered
• Estimated value exceeding $5.7 million
• Potential exposure remained until approvals are revoked