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Thursday, January 26, 2023

Magic Eden Gives Back Money

The blockchain-based game Magic Eden has been hacked. The platform experienced a vulnerability in one of its smart contracts, allowing unauthorized users to mint non-fungible tokens (NFTs). Of these tokens, 25 were produced by scammers and sold on the secondary Marketplace at prices ranging from $100-$150.

Magic Eden is a blockchain-based trading card game that’s part of the Magic Eden franchise. It launched in 2019 and has been very popular so far, with over 2 million players signed up to play it.

Magic Eden In a Spot Of Bother

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However, due to an exploit in the platform’s codebase, hackers have been able to create 25 fake NFTs (non-fungible tokens) that are priced at $0.01 USD each but actually worth $1.50 each!

An exploit is defined as a weakness in software that enables attackers to gain unauthorized access to, or interfere with the intended use of, information technology resources. In other words, it’s a security vulnerability that hackers can use to get access to your information.

Exploits are often used by malicious actors who know how they work and how they can be used against you. Many times these exploits are found by hackers themselves, but sometimes they are discovered by security researchers who make them public knowledge so companies can patch them.

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The company has announced that it will refund all money collected from the fraudulent NFTs, which include 25 tokens that were produced by scammers and sold on the secondary Marketplace. The 25 fake tokens have been removed from users’ inventories and will not be tradable or displayable in the game. All buyers of these fraudulent NFTs have already had their money returned to them through user accounts or crypto wallets.

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