Magic Eden Says Legacy Approvals Exposed $5.7M In NFTs To Exploit

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR Magic Eden says old EVM marketplace approvals left more than $5.7 million worth of NFTs exposed to an exploit in Limit Break’s Payment Processor V2. A whitehat rescue operation moved 23,155 vulnerable NFTs before they could be stolen. Magic Eden says no live listings were affected, but users who interacted with the old marketplace should revoke lingering approvals. An old smart contract can remain dangerous long after the product built around it has disappeared. Magic Eden is dealing with exactly that problem after legacy approvals from its former EVM marketplace left thousands of NFTs exposed to a vulnerability in Limit Break’s Payment Processor V2. The marketplace says more than $5.7 million worth of NFTs were at risk. The Marketplace Was Closed, But The Approvals Were Still Live Magic Eden stopped using Payment Processor V2 in October 2024 and later shut down its EVM marketplace. That did not automatically revoke permissions users had previously granted to the contract. When an attacker exploited the processor this week, those old approvals became relevant again. The initial...