Magic Eden is investigating unusual activity involving several thousand Ethereum-based NFTs that reportedly moved for 0 ETH, raising concerns about a possible contract exploit. However, a pseudonymous account involved in the transactions claims the activity was part of a white-hat operation. Magic Eden has not verified that claim.
NFT trader Cirrus first flagged the issue on September 25, reporting NFT sales originating from Magic Eden and suggesting the marketplace's contract could have been exploited.
The transactions involved several thousand NFTs being traded for 0 ETH. Cirrus raised concerns about the activity and pointed to a wallet that was reportedly involved in moving the assets.
Magic Eden had not issued a statement confirming an exploit at the time of reporting. As a result, the nature and scale of the incident remained unclear. The number of wallets involved, the vulnerability that may have enabled the transactions, and the total value of the NFTs moved have not been disclosed.
Following the alert, an X account using the pseudonym Quit claimed that the transactions were part of a whitehat mission.
According to Quit, assets held at wallet address 0x71cf3f5724bD2B72Ef6464992aCd26216DE7fe33 were secure and would be returned once they were no longer considered at risk.
Magic Eden, however, has not verified whether the wallet is linked to a legitimate whitehat or whether the transactions formed part of an organized recovery effort.
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The reported Ethereum NFT activity comes months after Magic Eden changed its marketplace operations. According to the company's documentation, support for its EVM marketplace ended on March 9, 2026. Magic Eden said listings, bids, and offers on the EVM marketplace would move off-chain and become inaccessible after the shutdown.
The marketplace continues to support Solana-based NFT trading. Magic Eden's existing products also include Packs, which can contain NFTs from Ethereum collections. NFTs revealed through Packs can be traded on the marketplace.
Magic Eden has not disclosed how the September 25 activity affected its services or contracts associated with the former EVM marketplace.