In late September 2026, stale approvals from Magic Eden’s former Payment Processor V2 allowed movement of NFTs years after the platform discontinued that system. According to Crowdfund Insider, approximately 23,155 NFTs potentially worth over $5.7 million were affected. These setApprovalForAll permissions for ERC-721 and ERC-1155 persist regardless of the marketplace that created them. NFT communities prioritized convenient UX (one approval for unlimited listings) over revoke hygiene practices. Tools like Revoke.cash and Etherscan approval functions exist but remain underutilized by collectors.
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