millions of dollars in NFTs were at risk
Something crazy happened in the NFT market today.
Hundreds of wallets suddenly started losing NFTs, with thousands of NFTs being moved for 0 ETH. Around 3,832 NFTs were affected
At first, everyone thought someone was draining wallets.
Then the real problem became clear: an old contract was involved. Even though magic eden stopped using it years ago, some wallets still had old approvals active.
Basically, imagine giving someone a spare key to your house two years ago, never needing them to come back, but forgetting to take the key back.
That’s when whitehat hacker 0xQuit stepped in
He started moving NFTs that were still at risk to a safe wallet, reportedly rescuing around 23,155 NFTs worth over $5.7M
Some major Yuga Labs collections were caught up too:
10 Meebits
50 Otherdeeds
10 World of Women
235 Desperate ApeWives
Around 660 WETH was also exposed, and not all of it was rescued in time
The full vulnerability is still being investigated, but the big lesson is simple:
Stopping using a marketplace doesn’t automatically revoke the approvals you gave it.
If you ever used Magic Eden’s old EVM marketplace, check your old approvals and revoke anything you no longer need
