A cryptocurrency trader warns that wallet security alone doesn't prevent fund loss; users must carefully review and understand contract approvals before signing transactions, as malicious approvals can drain accounts even with hardware wallets and strong security practices in place.
A Magic Eden marketplace exploit resulted in approximately 8,472 NFTs worth ~$1.7M being transferred from 447 collections, including BAYC and Azuki, through abandoned on-chain approvals after the platform shut down its EVM marketplace in March. A Yuga Labs executive claims the operation is a whitehat rescue, though confirmation awaits return of the NFTs to their owners.