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.