Magic Eden reports possible NFT exploit with zero‑ETH sales

Magic Eden, a major NFT marketplace, is under scrutiny after thousands of NFTs were observed being transferred for 0 ETH. The activity was first flagged by NFT trader Cirrus on September 25, prompting warnings to users to revoke token approvals.

Unusual zero‑ETH transactions

Cirrus reported that NFTs appeared to be sold from Magic Eden’s contract to a single address at no cost. The trader suggested the pattern could be linked to a white‑hat effort, but also advised users who had previously interacted with the platform to remove any lingering approvals.

White‑hat claim

Pseudonymous user "Quit" later posted that the transfers were part of a white‑hat operation and that assets held at the address 0x71cf3f5724bD2B72Ef6464992aCd26216DE7fe33 would be returned once the risk subsided. No verification from Magic Eden has confirmed the identity of the actor or the intent of the transactions.

Magic Eden’s response

As of the time of writing, Magic Eden has not issued an official statement confirming an exploit, nor has it disclosed the number of wallets or the total value of NFTs involved.

Context: recent platform changes

Earlier this year, Magic Eden discontinued support for its Bitcoin and EVM‑based NFT marketplaces, ending EVM operations on March 9. The platform continues to operate its Solana marketplace and offers “Packs” that can contain NFTs from Ethereum collections.

Open questions

• Whether the zero‑ETH transfers involved contracts from the now‑shut‑down EVM marketplace.
• The specific vulnerability that may have enabled the activity.
• The total number of affected wallets and the monetary value of the moved NFTs.