The security checks in place at large marketplaces like OpenSea and Magic Eden are one of their biggest appeals, as they ensure that only verified assets can be listed. Therefore, it is a significant issue that Magic Eden recently experienced a malfunction that allowed fake Solana NFTs to be listed on the platform.
Combating Fake NFTs
According to social media accounts, the recent exploit has particularly targeted popular Solana collections like ABC and Y00ts. This has allowed unscrupulous individuals to list fake NFTs for these top collections and pass them off as legitimate. As a result, users are at risk of purchasing counterfeit NFTs.
Due to the malfunction, unsuspecting buyers have been tricked into purchasing fake NFTs for large sums of money. Upon being alerted to the issue by NFT buyers and creators, Magic Eden reportedly resolved the problem and indicated that it had been fixed.
Earlier today, unverified NFTs were being shown as part of verified collections on ME. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections.
We’ve resolved the issue and will refund those affected. Now, no one can buy unverified NFTs on ME.
— Magic Eden 🪄 (@MagicEden) January 4, 2023
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.