A MagicEden protocol exploit occurred on September 26, 2026, affecting users. Discussion centers on flash loan vulnerabilities and the importance of understanding protocol-level security risks rather than relying solely on personal security practices when choosing where to deposit cryptocurrency assets.
A Twitter discussion highlights smart contract security risks following Magic Eden's marketplace shutdown. After the NFT platform ceased operations, thousands of NFTs were moved from user wallets through lingering contract approvals, prompting a whitehat rescue by Yuga Labs VP 0xquit and warnings for users to review their wallet permissions.
Magic Eden disclosed an exploit in Limit Break's Payment Processor V2 contract affecting NFTs traded on their EVM marketplace between February and October 2024. The platform stopped using the processor in October 2024 and shut down its EVM marketplace in Q1 2026, with no live listings impacted. Users are advised to revoke contract approvals across Ethereum, Polygon, and Base.
A detailed post explains how crypto wallet approvals—permissions granted to smart contracts to move tokens and NFTs—pose ongoing security risks because they rarely expire and persist even after apps shut down. The author documents multiple real incidents across DeFi and NFT platforms where attackers exploited forgotten approvals to drain millions in assets, and advises users to regularly revoke these permissions.
A Twitter discussion thread documents major smart contract exploits and approval vulnerabilities in crypto. Examples include the $351.6M Bitget exchange breach, Magic Eden NFT marketplace drains via forgotten approvals, and multiple DeFi protocol hacks (SushiSwap, Li.Fi, BarnBridge) where users lost funds through infinite token approvals that were never revoked.
Ethereum price recovered to $2,700 after recent dips, with Bitcoin above $85,000. Technical analysts debate key resistance levels and potential trend shifts, while spot ETFs for major cryptocurrencies saw net inflows on September 24. A security vulnerability in Limit Break's payment processor affecting NFT traders on Magic Eden was also disclosed.
Magic Eden disclosed an exploit in Limit Break's Payment Processor V2 protocol affecting NFTs listed on their EVM marketplace between February and October 2024. The platform stopped using the protocol in October 2024 and shut down its EVM marketplace in Q1 2026, so no live listings were impacted. Users who traded NFTs during the vulnerable period are advised to revoke contract approvals.