Over a 24-hour period, over two dozen fraudulent NFTs were traded on the Magic Eden marketplace due to a "major exploit" on the site.
Magic Eden, a nonfungible token (NFT) marketplace, has promised to repay all users who were fooled into acquiring bogus NFTs on its website as a result of an exploit.
In a statement issued on January 4, the business stated that a fault in its newly deployed "activity indexer" for its Snappy Marketplace and Pro Trade tools allowed phony NFTs to bypass authentication and appear alongside genuine NFT collections.
Magic Eden stated that the exploit resulted in the sale of 25 bogus NFTs among four collections in the last 24 hours, although it is still unclear whether more NFTs were affected beyond the last day.
The high-priced and popular Solana-based collections ABC and y00ts were two of the affected ventures.