White-Hat Operation Rescues 3,832 NFTs Worth $1.5 Million Amid Contract Vulnerability

Users are being urged to revoke smart contract approvals for Ethereum Payment Processor V2 and ApeChain Payment Processor V3 following security vulnerability alerts. The warnings emerged after a single wallet transferred 3,832 NFTs across hundreds of user wallets for 0 ETH, initially sparking fears of an exploit on marketplace Magic Eden. Yuga Labs Vice President of Blockchain, Quit, clarified the transactions were an emergency white-hat rescue operation. The secured assets, valued at approximately $1.5 million, are held safely in a recovery address and will be returned to owners once risks are remediated.