Magic Eden Warns of Exposure From Old Ethereum NFT Listings

Magic Eden has warned that NFTs listed on its former EVM marketplace between approximately February and October 2024 may remain exposed through lingering permissions granted to Limit Break’s Payment Processor V2 contract.

The September 25 warning concerns approvals that may have persisted after the listings period. According to reporting cited in the available evidence, an attacker exploited the issue to take NFTs.

The affected approval risk spans Ethereum, Polygon and Base. Users who interacted with the former marketplace during the relevant period were advised to review and revoke Payment Processor V2 permissions.

The available information is largely based on secondary reporting, as an official Magic Eden incident statement and the linked social-media post were not independently retrievable.

Old approvals are at the center of the warning

The issue is tied to old approvals associated with Magic Eden’s former EVM marketplace, rather than a newly identified listing flow. Magic Eden said listings made from roughly February through October 2024 could retain approvals to Limit Break’s Payment Processor V2.

The Ethereum contract identified in the evidence is 0x9A1D00bEd7CD04BCDA516d721A596eb22Aac6834. Users were advised to revoke relevant approvals on Ethereum, Polygon and Base.

The incident highlights how token approvals can remain active after a marketplace listing or user interaction has ended. An approval review is therefore relevant for wallets that used the affected marketplace during the stated period.

• Review approvals connected to Payment Processor V2.
• Check the relevant wallet across Ethereum, Polygon and Base.
• Revoke approvals that are no longer needed.

Reported losses and whitehat recovery

Decrypt reported that an attacker used the Payment Processor V2 flaw to take NFTs, including Meebits, Otherdeeds, World of Women and Desperate ApeWives. Those collection references are based on secondary reporting.

Yuga Labs executive 0xQuit reportedly said a whitehat operation recovered 23,155 NFTs valued at more than $5.7 million. The same reporting said about 660 WETH could not be recovered.

These figures should be treated as reported totals rather than independently verified on-chain accounting in the available evidence. The scale of the reported recovery nevertheless underscores the potential impact of lingering approvals.

What the warning means for NFT users

Magic Eden’s warning is a reminder that marketplace permissions can outlast the activity that originally required them. Revoking an unused approval can reduce exposure from contracts that no longer need access to a wallet’s assets.

The event arrives amid continued attention to Ethereum contract risk, including potential effects of protocol-level changes on some smart contracts. For affected NFT holders, the immediate issue described here is the older Payment Processor V2 approval rather than a broader Ethereum network change.

Users should rely on the official interfaces and wallet-security tools they trust when reviewing permissions. This report does not constitute financial or security advice.

Continue reading: potential effects of protocol-level changes on some smart contracts on BTCNews.

Continue reading: activity across Ethereum and Base on BTCNews.

Sources

• Decrypt: Magic Eden Warns Old Ethereum NFT Listings Are Exposed to Payment Processor Exploit
• Lookonchain: Security Alert: Users Must Revoke Authorizations for Payment Processor V2 and V3 Related Contracts Immediately
• Gate News: Limit Break NFT attacks continue; Blockaid issues urgent revocation warning
• Limit Break: Payment Processor V2
• Etherscan: Limit Break: Payment Processor V2 contract

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