An initially unidentified address moved 3,832 NFTs from hundreds of wallets, processing the transactions as sales on the Magic Eden marketplace at a price of 0 ETH. It was later revealed that a white hat hacker was behind the operation. The hacker stated that the tokens are secure and will be returned to their owners once any potential threat is resolved. Magic Eden has not yet officially confirmed the existence of a vulnerability.

The transactions appeared as zero-value trades through the platform interface, resulting in the transfer of several thousand NFTs. The return of assets is planned after the risk is mitigated, according to the hacker.