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70 Greed
Hacks & Security ETH +0.8% Bearish

Legacy smart contract approvals leave old marketplace user assets exposed

CryptoVideos brief
Built from 4 sources 1 min read
Legacy smart contract approvals leave old marketplace user assets exposed Image: Decrypt
Image via Decrypt.

Magic Eden warned that old Ethereum NFT listings created between roughly February and October 2024 remained exposed to a payment processor exploit. An attacker abused a bug in Limit Break's Payment Processor V2 to steal NFTs. A whitehat rescue operation secured 23,155 NFTs valued at more than $5.7 million. Friendly hackers moved the vulnerable assets to safety. Magic Eden urged affected users to revoke the contract permissions using Revoke.cash on Ethereum, Polygon, and Base.

Key points

  1. Legacy approvals from a former EVM marketplace left user assets exposed to a Limit Break Payment Processor V2 bug.
  2. An attacker exploited the payment processor to steal NFTs including Meebits, Otherdeeds, and World of Women.
  3. A whitehat rescue operation secured 23,155 NFTs worth over $5.7 million before they could be taken.
  4. Magic Eden urged users who interacted with its former EVM marketplace to revoke the contract permissions.

Why it matters

Inactive marketplaces and old wallet permissions can leave user funds vulnerable to third party smart contract exploits long after a platform stops operating.

What's unclear

The exact total value of all digital assets successfully stolen by the initial attacker before the whitehat rescue is not specified in the reports.

Price context · ETH

At publication
$2,714.96
Now
$2,715.50
Change since
+0.02%
7 days · dashed line = publication

Sources · 4 publishers

The Block Tier 1 First report
Magic Eden legacy approvals leave $5.7 million in NFTs exposed to exploit before rescue
The Defiant Tier 1
Legacy Magic Eden Approvals Exploited as White Hats Rescue NFTs
Decrypt Tier 1
Magic Eden Warns Old Ethereum NFT Listings Are Exposed to Payment Processor Exploit
Bitcoinist Tier 2
Magic Eden Says Legacy Approvals Exposed $5.7M In NFTs To Exploit

Coverage timeline

  1. First reported by The Block
  2. Confirmed by The Defiant
  3. CryptoVideos brief published
How this brief was made. Our system found this event in 4 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error

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