Hackers and Whitehats Clash in $2.8M Magic Eden Exploit 🚨⚡️
On-chain data reveals that on Magic Eden, hackers and whitehat researchers both used the same flaw, one attempting to loot assets and the other racing to rescue them. 📉💸
Attackers exploited unrevoked approvals on Limit Break Payment Processor V2, an unpausable legacy contract. Hackers drained at least $2.8M across 5 chains, including over 660 WETH and high-value NFTs. 🛡️🔍
Detecting the live drain, researcher Quit and Yuga Labs launched an emergency counter-sweep. Because the contract could not be frozen, they moved 23,155 vulnerable NFTs (valued above $5.7M) into safe custody. Refunds or reimbursement plans have still not been announced. 🔐🤝
🔹 Hackers looted $2.8M before defenses intervened.
🔸 An unpausable contract forced live whitehat counter-draining.
🔹 Rescued NFTs will be returned after approvals are revoked.
Did you revoke your old Payment Processor approvals? 👇
#NFT #Ethereum #Security #CryptoNews
On-chain data reveals that on Magic Eden, hackers and whitehat researchers both used the same flaw, one attempting to loot assets and the other racing to rescue them. 📉💸
Attackers exploited unrevoked approvals on Limit Break Payment Processor V2, an unpausable legacy contract. Hackers drained at least $2.8M across 5 chains, including over 660 WETH and high-value NFTs. 🛡️🔍
Detecting the live drain, researcher Quit and Yuga Labs launched an emergency counter-sweep. Because the contract could not be frozen, they moved 23,155 vulnerable NFTs (valued above $5.7M) into safe custody. Refunds or reimbursement plans have still not been announced. 🔐🤝
🔹 Hackers looted $2.8M before defenses intervened.
🔸 An unpausable contract forced live whitehat counter-draining.
🔹 Rescued NFTs will be returned after approvals are revoked.
Did you revoke your old Payment Processor approvals? 👇
#NFT #Ethereum #Security #CryptoNews
