Magic Eden legacy approvals leave $5.7 million in NFTs exposed to exploit before rescue

60-second summary

Magic Eden’s legacy approval system leaves roughly $5.7 million worth of NFTs vulnerable, allowing an exploit that white‑hat hackers halt after rescuing 23,155 tokens. The breach highlights lingering smart‑contract permission flaws on major marketplaces, prompting immediate audits and tighter token‑approval standards. Consequently, investors grow wary, and the incident pressures platforms to reinforce security to sustain market confidence.