Magic Eden Bug Tricks Users Into Buying Fake ABC NFTs

Magic Eden Bug Tricks Users Into Buying Fake ABC NFTs

The Solana NFT community reported a bug that tricked unsuspecting Magic Eden users into purchasing fake ABC NFTs on Wednesday morning. 

Magic Eden confirmed the bug and urged all those affected to contact the Magic Eden help desk to receive support. The leading Solana NFT marketplace attempted to resolve the issue by enabling more verification layers for new projects, but as of 11:55 a.m. ET, Lucky Trader was able to confirm that fake NFTs are still plaguing legitimate collections on site. 

Magic Eden users should proceed with extreme caution if purchasing NFTs on the marketplace at present time. However, if you wish to purchase an NFT be sure to verify that the individual NFT actually belongs to the collection it is listed in. For example,  the y00t depicted below can be quickly deduced as a fake given the unverified collection and the details suggesting the NFT is "ABC #2573." Additionally, Magic Eden has added text to indicate that the collection has not yet passed its review process, something that legitimate ABC or y00ts collections have already accomplished. 

The fake NFT pictured below had been traded at least five times, with three sales above 100 SOL. 

Notable Solana NFT personality, HGE, has urged Magic Eden to "pause the site" until the issues are rectified. 

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
Sign up for our Newsletter. Daily updates on the biggest stories with expert analysis
By subscribing you accept the LuckyTrader Terms and conditions.